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Red Rock Resources says Magna debt retired after conversion


Red Rock Resources (LON:RRR) said MG Partners, with which it had a convertible loan note, has been issued shares.

The affiliate of Magna has converted its outstanding balance of US$115,000 unsecured notes into around 118mln Red Rock shares at  £0.0006837 per share.

In January this year, Red Rock Resources (LON:RRR) said it had raised US$550,000 through issuing the loan note.

The conversion of the shares represents 2.54% of Red Rock's enlarged capital.

Chairman Andrew Bell said: "We are happy to announce that the convertible debt facility with Magna has now been fully retired. Red Rock has now cleared all of its corporate debt and convertibles over the course of the last month."

Red Rock shares lost 5.88% to 0.08p.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

Market: AIM
Market Cap: £2.37 m

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