The company is issuing 95.23mln new shares, priced at 1.05p each, in the placing which is being run by ETX Capital.
Chief executive Andrew Bell noted that the funding allows the company to ‘move forward more rapidly’ with planned drilling, which is estimated to cost around US$800,000.
“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,” Bell said. “This is an exciting prospect, to which is added the opportunity of advancing a listing of its Australian JV.
“Most immediately, the imminent release of an updated JORC Mineral Resource Estimate for Kenya is expected, which will 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 $800,000″