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 12th June 2024
and 18th November 2024.
Red Rock Resources PLC had agreed by
an original agreement announced on 13th 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.