Aim-listed Red Rock Resources has raised £323 750 through the placing of 63.48-million new ordinary shares at 0.51p.
"The placing ensures the company can manage its cash flow prudently while driving an increased tempo of exploration in the [Democratic Republic of the Congo (DRC)] as the scale of the opportunity there becomes more apparent," says chairperson Andrew Bell.
Red Rock holds a 50.1% interest in the VUP copper/cobalt joint venture (JV) in the DRC. The JV has three copper/cobalt licences – Musonoi, Kamukongo and Kasombo South – in the Central African Copperbelt.