Red Rock Resources
Plc
("Red
Rock" or the "Company")
Victoria Gold Assets - Update
on Agreement
12
June 2024
Red Rock Resources Plc, the natural
resource exploration and development company, with interests
in gold, base metals, battery metals, and
hydrocarbons principally in Africa and Australia, announced on 13 March 2024 ("Transaction Announcement") a
conditional agreement to take 100% ownership of its Australian Gold
Subsidiary, New Ballarat Gold Corporation
Plc ("NBGC"), which in turn
acts as the holding company of Red Rock Australasia Pty Ltd
("RRAL")
by the purchase of the remaining 49.9%
minority shareholding in NBGC from Power
Metal Resources Plc (the "Agreement").
RRAL holds 2,281 square kilometres
of highly prospective gold tenements in the Australian State of
Victoria, with its 800 square kilometres Kilmore tenements now
creating some significant interest as they lie just to the west of
ASX listed Southern Cross Gold Limited's Sunday Creek gold
discovery, and a 560 sq km licence in
Southern Australia.
Further to the Transaction
Announcement, and the announcement of 10th June 2024,
the Company announces the fulfilment or waiver of all conditions on
Tuesday 11th June 2024, the notification of the vendor
to that effect, and that consequently Completion will now occur
within five days of 11th June 2024 by:
1) The vendor delivering
its shares in the holding company for the Australian assets with a
signed transfer;
2) Red Rock delivering
the convertible loan notes to the vendor; and
3) The Company
delivering 166,666,667 new shares in Red Rock and accompanying
warrants exercisable at 0.25p per share in Red Rock to the
vendor.
As explained in the Transaction
Announcement, the Agreement is being treated as a Related Party
Transaction under the AIM Rules. Accordingly, the Directors of Red
Rock, all of whom are independent of the acquisition,
consider, following the
results of the Company's due diligence inquiries,
and having consulted with
the Company's Nominated Adviser, consider that the terms of the
Agreement are fair and reasonable insofar as the Company's
Shareholders are concerned.
A further announcement will be made
after Completion, and the Company will in the near future provide
information in relation to its recent technical work and its
exploration plans.
Red Rock Chairman Andrew Bell
states: "We strongly believe in the prospectivity of these assets
and with a higher gold price, we are now again engaging in third
party discussions with a view to a possible listing of the assets
on an appropriate venue. We have the backing of major shareholders
for our cash commitments under this transaction including the first
cash payment of £250,000 due two months after
Completion."
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red
Rock Resources Plc
Roland Cornish/ Rosalind Hill
Abrahams 0207 628 3396 NOMAD Beaumont Cornish
Limited
Bob
Roberts 0203 8696081
Broker Clear
Capital Corporate Broking
This announcement contains
inside information for the purposes of Article 7 of Regulation
2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI
2019/310) and is disclosed
in accordance with the Company's obligations under Article
17.
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
