Red Rock increases capital as it pursues gold prospects

Red Rock Resources (LON:RRR) announced that it has issued equity to YA Global, advised by Yorkville advisors.

Red Rock Resources is an exploration and mineral property investment company focused on the discovery and development of iron ore, manganese and uranium in Australia and South East Africa. 

Today, Red Rock released a statement stating they had issued 8,691,929 ordinary shares, at 0.1 pence each to YA Global. The proceeds of the subscription are GBP120,000 and are being used to pay off the facility with Yorkville. The facility with Yorkville was set up in May 2009 "as a means of raising funds at a cost competitive with that of alternative equity financing opportunities that are currently available for companies of a similar size to Red Rock". Yorkville Advisers specialises in providing flexible, innovative debt and equity investments and financing in publicly listed companies worldwide.

In early February 2010, Red Rock announced they had terminated their relationship with Pallinghurst Resources, in relation to the respective shareholdings in Jupiter Mines. In a recent interview, Andrew Bell, Chairman of Red Rock, explained that the Company were looking to raise capital to fund the development of their gold prospects in Kenya.