Red Rock Resources raises £1m to hasten drill programmes

12th Feb 2021 09:25

(Sharecast News) - Red Rock Resources has raised £1m, it announced on Friday, in a bid to hasten its drill programmes in Australia, the Congo and Kenya.
The AIM-traded firms said the funds were raised by placing 95,238,095 new shares at a price of 1.05p each.

It said the placing was carried out through Monecor London, trading as ETX Capital.

"A combination of license grants in Australia, re-grants in Kenya, and exploration progress in Congo, mean that Red Rock is now planning three promising drill programmes," said chairman Andrew Bell.

"This is an exciting prospect, to which is added the opportunity of advancing a listing of its Australian joint venture."

Bell said that most immediately, the "imminent release" of an updated JORC mineral resource estimate for Kenya was expected, which would be followed immediately by putting out a drill programme to tender.

"This financing will enable us to move forward more rapidly with these drill programmes, the cost of which over 2021 is already estimated to exceed $0.8m."

At 0906 GMT, shares in Red Rock Resources were down 8.08% at 1.15p.