Red Rock Resources taps Yorkville facility for extra cash
20 November 2009
AIM listed Red Rock Resources, the mining group working on advancing iron ore, manganese and uranium projects in Australia and East Africa, has drawn down £100,000 from its standby equity distribution agreement (SEDA) with investment company, Yorkville Advisors LLC.
The move saw Yorkville’s investment vehicle YA Global Master, subscribe for 7,376,177 ordinary shares in Red Rock at a price of 1.36p per share.
Red Rock agreed its £3 million SEDA with Yorkville in May this year. The facility offers the company the chance to draw down cash at a price closely related to market price at the time of subscription. Yesterday, the company’s shares closed at 1.5p.
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