REG - Red Rock Resources - Update – Australian Gold Project

Red Rock ResourcesAnnouncement

11/12/2024 08:00

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RNS Number : 6607P  Red Rock Resources plc  11 December 2024

Red Rock Resources PLC

("Red Rock" or the "Company")

Update - Australian Gold Project

 

11 December 2024

 

Red Rock Resources Plc ("Red Rock" or "the Company"), the natural resource
exploration and development company with interests in gold, base metals,
battery metals, and hydrocarbons principally in Africa and Australia
announces an update further to its announcements of 12(th) June 2024 and
18(th) November 2024.

Red Rock Resources PLC had agreed by an original agreement announced on 13(th)
March 2024 to acquire from Power Metal Resources PLC ("POW") its 49.9%
interest in New Ballarat Gold Corporation plc, which wholly owns Red Rock
Australasia Pty Limited, a local operating company holding exploration
interests in the Victoria Goldfields, Australia and in South Australia (the
"Agreement").

On 10 December 2024, an amendment to the Agreement was made between the
Company and POW ("POW"). The key amended terms are set out below:

·    £200,000 of the £250,000 sum, payable in cash nine months after
completion of the acquisition of POW's holding in New Ballarat Gold
Corporation plc (the "Completion"), has been paid by the Company. The
remaining £50,000 and some other sums owed will be rescheduled to 20 January
2025.

·    The £250,000 convertible loan notes issued to the Company at
Completion and expiring on 19 December 2024 will instead be repaid in cash on
19 March 2025.

·    The 166,666,667 RRR warrants issued to POW and expiring three years
after the date of issue will be repriced to an exercise price of 0.041 pence
each.

 

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.

 

 

 
 

 

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