REG - Red Rock Resources - IPO of Juno Minerals Limited

Red Rock ResourcesAnnouncement

21/01/2021 08:00

RNS Number : 4425M
  
Red Rock Resources plc
  
21 January 2021
  
 

Red Rock Resources PLC
("Red Rock" or the "Company")
 
IPO of Juno Minerals Ltd
21 January 2021 
 
Red Rock Resources Plc, the natural resource development company with interests in gold, copper/cobalt, manganese and minerals, announces, further to the update of 18 December 2020, an update in relation to its investment in Jupiter Mines Ltd ("Jupiter").
Jupiter made the following announcement today to the Australian Stock Exchange (ASX), a full text of which is also available at www.jupitermines.com:
"IPO OF JUNO MINERALS LIMITED 
Jupiter Mines Limited ("Jupiter") (ASX.JMS) is pleased to announce the demerger and initial public offering ("IPO") of its Central Yilgarn Iron Ore assets ("CYIP") through the newly created company, Juno Minerals Limited ("Juno"). Jupiter and Juno have today lodged a Notice of General Meeting ("Meeting") and Prospectus, respectively. 
Juno intends to issue 120,000,000 shares to Jupiter, in exchange for the CYIP assets and $5 million in seed capital, provided by Jupiter. Jupiter will then distribute these shares in-specie to its shareholders. The Meeting is being convened to approve this distribution. 
Further, a public offer will be made of up to 80,000,000 Juno shares to raise an amount of up to $20 million (before costs). 
The priority of the Juno board and management will be to assess fast-track development of the Mount Mason DSO Hematite Project. Alongside that, the Board will consider options to increase its DSO resource base. Options to crystallise value of the long life Mount Ida Magnetite Project will also be evaluated in due course. 
"Given the continued strengthening of the iron ore markets, and the continued focus by steel mills to lock higher grade ore as feed to reduce pollution, the IPO and strategy of Juno is well timed", said Priyank Thapliyal, Jupiter Chief Executive Officer and Juno Chairman. "As Jupiter shareholders, both the Chairman and I intend to support the Juno Offer by applying for New Shares, and I would recommend that all other Jupiter Shareholders consider doing the same". 
Key dates are provided below, please note these dates are indicative and subject to change:




Event


Target Date




 Lodgement of Notice of Meeting and Prospectus with ASIC 


 21 January 2021 




 Opening Date of Share Offer 


 1 February 2021 




 Closing Date of Share Offer 


 26 February 2021 




 Distribution of in-specie shares to Jupiter shareholders 


 8 March 2021 




 Issue of Shares under the Share Offer 


 8 March 2021 




 Shares commence trading on ASX 


 11 March 2021 




 
Full details are available in the Notice of Meeting and Prospectus released to ASX today." 
 
Red Rock Chairman Andrew Bell comments: "As a Jupiter shareholder, as well as a royalty holder on the Mt Ida asset, Red Rock welcomes this announcement, which comes at a time when iron ore prices have established a higher trading level than for some years and strong demand seems likely to be sustained. Based on the valuation and performance of its comparators in the Australian market, Juno appears to have good prospects upon listing."
Further Information
The Central Yilgarn Iron Ore Project consists of (a) the Mt Ida magnetite deposit, where a 1.23 bn ton JORC compliant Indicated Resource of 29.79% Fe in its Central Zone, capable of beneficiation to a 66.65% concentrate, and a JORC compliant Inferred Resource of 615m tons at 28.86% in the Northern and Southern Zones, was announced by Jupiter on 8 January 2013, and (b) the Mt Mason DSO haematite deposit, where Jupiter announced a 5.9m ton Measured and Indicated Resource of 60.1% ore on 30 January 2012.  
Red Rock has a holding in Jupiter Mines valued currently at approximately AUD 4.2m (£2.4m). The Company also has a 1.3% gross revenue royalty over the Mt Ida iron ore project. Anglo-Pacific Group plc has an obligation to purchase 0.45% of this royalty interest from Red Rock for $8m upon the achievement by Jupiter of certain milestones in relation to Mt Ida, namely (a) a definitive feasibility study and decision to proceed, and (b) commercial production.
For further information, please contact: 
Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396        NOMAD Beaumont Cornish Limited
Mark Treharne 0203 700 2500                                                   Broker Pello Capital Limited
 

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