REG - Rockfire Resources - Application to OFSI for return of US$2 million

Rockfire ResourcesAnnouncement

04/12/2023 14:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231204:nRSD6042Va&default-theme=true

RNS Number : 6042V  Rockfire Resources PLC  04 December 2023

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

4 December 2023

 

Rockfire Resources plc

("Rockfire" or the "Company")

Application for OFSI Exemption Licence for return of US$2 million
Consideration

Rockfire Resources plc (LON: ROCK), the base metal, gold, and critical mineral
exploration company, announces, further to the announcement on 13 November
2023, that it has applied to the UK Government's Office of Financial Sanctions
Implementation (the "OFSI") for the return of the US$2 million consideration
which Rockfire paid as the initial consideration ("Consideration") for a 10%
shareholding in Emirates Gold DMCC ("Emirates") and Emperesse Bullion LLC
("Emperesse") (the "Exemption Licence").

 

On 8 November 2023, the UK Foreign, Commonwealth & Development Office
imposed a sanction (the "Sanction") on Paloma Precious DMCC (the "Seller"),
the vendor of Emirates and Emperesse. Rockfire formally withdrew from the
conditional share purchase agreement to acquire Emirates and Emperesse on 13
November 2023. At the time of the Sanction, the transfer of the 10%
shareholding interest in Emirates and Emperesse to Rockfire had not completed.
Accordingly, Rockfire has made a request for the transfer of shares in
Emirates and Emperesse from the Seller to Rockfire to be suspended, subject to
the OFSI approving Rockfire's application and awarding an Exemption Licence,
thereby granting the Seller permission to return the US$2 million
Consideration to Rockfire.

 

The Seller has agreed to return the US$2 million Consideration however, an
Exemption Licence is required from the OFSI for this money to be returned.

 

The Company considers that there is no reason why the Exemption Licence should
not be granted but is not able to provide any certainty that an Exemption
Licence will ultimately be granted by the OFSI. The Company is not able to
provide a timing for a response from the OFSI, but Rockfire will continue to
keep the market informed of any progress on this.

 

For further information on the Company, please visit or contact the
following:

 

 Rockfire Resources plc:                                     info@rockfire.co.uk (mailto:info@rockfire.co.uk)
 David Price, Chief Executive Officer

 Allenby Capital Limited (Nominated Adviser & Broker):       Tel: +44 (0) 20 3328 5656
 John Depasquale / George Payne (Corporate Finance)
 Matt Butlin / Kelly Gardiner (Sales and Corporate Broking)

 

Notes to Editors

 

Rockfire Resources plc (LON: ROCK) is a gold, base metal and critical mineral
exploration company, with a high-grade Zn/Pb/Ag/Ge deposit in Greece and a
portfolio of Au/Cu/Ag projects in Queensland Australia.

 

§ The Molaoi deposit in Greece has a JORC resource of 210,000 tonnes of zinc,
39,000 tonnes of lead and 3.5 million ounces of silver, using a 4% Zn cut off.

 

§ The Plateau deposit in Queensland has a JORC resource of 131,000 ounces of
gold and 800,000 ounces of silver, using a 0.5g/t Au cut off. 53,000 of these
ounces lie within the top 100m from surface.

 

§ The Copperhead deposit in Queensland has a JORC resource of 80,000 tonnes
of copper, 9,400 tonnes of molybdenum and 1.1 million ounces of silver, using
a 0.13% CuEq. cut off.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFVSFDLSIIV