Red Rock Raises Another £300,000

 Red Rock Resources (LON:RRR) said it has issued 15 million new shares to raise £307,000.
It is the third such cash call in the space of six weeks.

The latest injection of funds will be used for ‘general working capital requirements’, the company said in a statement to the stock exchange.

On August 12 it issued 13.7 million shares to YA Global SPV, brining in £300,000 and on July 7 YA acquired 15 million new shares for just under £243,000.

Led by Andrew Bell, Red Rock has gold operations in Colombia and Kenya.
It also has a 23 per cent investments in Jupiter Mines Ltd (ASX:JMS), an Australia listed ‘steel feed’ tie-up with Brian Gilbertson’s Pallinghurst Resources and Korean giant Posco, which has the potential to become a major mover in a quickly consolidating markets.

And there’s the 26 per cent stake in Resource Star (ASX:RSL), which has uranium assets in Australia and Malawi, but has also discovered en vogue rare earth elements that are used in sustainable energy and electronics, and are rarely found outside China.

Its El Limon gold mine, one of the oldest in Colombia, could be in full production in three months once the surface plant is up and running.

Three hundred metres deep, the mine is producing 100 tonnes a month at a grade of five ounces per tonne, Bell says.

“We can go up to maybe 100 to a 110 tonnes a day processed through a plant properly which will be at a head grade of perhaps wo-thirds of an ounce per ton and that can be done quite quickly,” the Red Rock chief executive told Proactive Investors recently.

http://www.proactiveinvestors.co.uk/companies/news/20313/red-rock-raises-another-300000-20313.html