REG - Red Rock Resources - Sale of Colombian Interests - Update <Origin Href="QuoteRef">RRR.L</Origin>

Red Rock ResourcesAnnouncement

06/09/2014 18:33

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RNS Number : 7904M
Red Rock Resources plc
18 July 2014 
 
Red Rock Resources Plc 
 
("Red Rock" or the "Company") 
 
Sale of Colombian Interests - Update 
 
18 July 2014 
 
Red Rock Resources plc, the mining and exploration company with gold interests
in Colombia, Kenya, and Ivory Coast, announces an update in relation to the
proposed sale of its Colombian interests to Nicaragua Milling Company Limited
("NMC"), which was first announced on 13th May 2014. 
 
NMC has requested an amendment of the terms of the Letter of Intent ("LOI") to
extend the initial exclusivity period by 30 days to 11th August 2014. After
this period, NMC would have the option to pay a further non-refundable fee of
USD 50,000 to initiate a second exclusivity period of 30 days to 10th
September 2014 in the event both parties agree this is required. 
 
Red Rock is agreeable to the initial extension in principle but the parties
are currently discussing a modification of the exclusivity provision to allow
the Company additional flexibility during the extended period of due
diligence. 
 
The transaction is expected to close on or around 10th September 2014, should
the second exclusivity period not be required. Further announcements will be
made as soon as practicable. 
 
Company Chairman Andrew Bell comments: 
 
"Both Red Rock and NMC remain committed to closing this transaction and we are
currently discussing amendments to the LOI to accommodate the interests of
both parties.  We are working closely with NMC to deal with any remaining
issues they may have during this period." 
 
For further information contact: 
 
Andrew Bell 0207 747 9990 or 0776 647 4849                Chairman Red Rock
Resources plc 
 
Colin Aaronson / David Hignell 0207 383 5100             NOMAD Grant Thornton
UK LLP 
 
Nick Emerson 01483 413500                                            Broker SI
Capital Ltd. 
 
Saif Janjua 0207 382 8416                                                Joint
Broker Beaufort Securities Ltd 
 
Rupert Trefgarne 0203 128 8817                                      Media
Relations MHP Communications 
 
This information is provided by RNS
The company news service from the London Stock Exchange