Red Rock Resources PLC on Thursday said that it has raised £260,000 from a placing of 509.8 million shares at 0.051 pence each.

Red Rock is a resources development company focused on gold, base metals, battery metals, and hydrocarbons projects in Africa and Australia.

Proceeds from the placing, which was arranged by Clear Capital Markets Ltd, will be used to bring its gold assets in Burkina Faso to production. They will also be used for ‘other working capital purposes’, according to the firm.

‘We are moving forward with production and pre-production activities in Burkina Faso, in order to start alluvial production and testwork at Bilbale. We are working to a tight schedule for operations to start within weeks, subject to the usual caveats,’ said Chief Executive Officer Andrew Bell.

Red Rock Resources shares were trading 7.7% lower at 0.060 pence each in London on Thursday morning. The firm has a market cap of just under £2.0 million.

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