Australia's Red River Resources falls as co to pay royalties in legal proceedings

Red River Resources

07/06/2021 02:47

** Shares of Red River Resources  RVR.AX  fall as much as
10.2% to A$0.22, their biggest intraday pct loss since April 15
    ** Precious metals focused explorer says received judgement
in legal proceedings against its unit Cromarty Resources,
relating to the payment of royalties  urn:newsml:reuters.com:*:nASX739yZC
    ** Says initial estimated range is about A$15 mln ($11.61
mln) to A$20 mln in total for unpaid and future royalties 
    ** Adds it is reviewing the judgement with its lawyers to
assess its options and reserves its rights to be paid by co
    ** Thalanga Copper Mines commenced the proceedings in 2019
    ** About 2.4 mln shares change hands, compared with the
30-day average volume of 1.2 mln shares
    ** Stock has fallen 12.5% this year, as of last close


($1 = 1.2925 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))