25 May 2012

Red Rock secures £2m

18/07/2011 Miles Nolan

Mining and exploration company Red Rock Resources (RRR) has raised £2 million through the issue of Secured Loan Notes with a 14 per cent coupon.

The funding has been arranged by London based placing agent Cornhill Capital, and provides a useful and non-dilutive means to raise capital. Red Rock is providing shares in Australia listed mining giant Jupiter Mines as collateral. With a minimum investment of £50,000, those that have taken part are mainly high net worth individuals and family offices.

In an interview with Growth Company Investor Cornhill chief executive Andrew Frangos said 'we are very pleased to be working with Red Rock, and believe this source of financing provides an attractive return without diluting existing shareholders'. Other similar deals concluded by Cornhill include funding for fellow AIM constituents Atlantic Coal and Kedco.

Up to £5 million can be raised for the two-year term of the loan note, with the closing date set for 15 January 2012. Red Rock has a number of interesting assets with gold projects in Kenya and Colombia, exploration in Greenland and interests in steel feed, uranium and rare earths.

It intends to use the cash to strengthen its balance sheet and help advance its slate of projects. The well followed shares are unchanged today at 7p, valuing the AIM counter at £51 million.

Tags: AIM market, Atlantic Coal, Cornhill Capital Limited, Kedco, Penny shares

Sector: Mining

Companies: Red Rock Resources

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