Business
Acquisition of Share Interest, Issue of Shares
Acquisition of Share Interest, Issue of Shares.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6633W Red Rock Resources plc 28 April 2016 \n\nRed Rock Resources plc\n(\"Red Rock\" or the \"Company\")\n \nAcquisition of Share Interest\nIssue of Shares\n \n28 April 2016\n \nRed Rock Resources plc, the mining and exploration company with interests in gold and oil production, announces that it has co-ordinated the acquisition of 12,013,173 shares of Goldstone Resources Ltd (\"GRL\")(AIM:GRL) by itself and Metal Tiger plc (\"MTR\")(AIM:MTR)(the \"Acquiring Parties\"). \n \nThe acquired shares amount to 19.29% of the issued share capital of GRL, and upon completion of the acquisition Red Rock will own 6,006,587 shares (9.645%) of GRL. \n \nGRL is an exploration company with exploration skills that focus on West and Central Africa. The assets include controlling interests in the Homase/Akrokerri project adjoining and to the East and North of AngloGold Ashanti's Obuasi mine in the Ashanti Gold Belt in Ghana. The project has a JORC Mineral Resource of 602,000 oz of gold at 1.77 g/t. Other licenses are held in Gabon and Senegal.\n \nIn the six months to 30 June 2015 GRL reported pre-tax losses of £813,206 and had as at that date net assets of £730,423. \n \nThe consideration for the acquisition by the Acquiring Parties is £225,000, and is payable half in cash (the \"Cash Consideration\") and half in new shares of Red Rock to be issued at a price of 0.52777328 pence per Red Rock share, being the VWAP (volume-weighted average price) at which Red Rock shares traded on the AIM market in the five trading days to 26 April 2016 (the \"Share Consideration\"). \n \nOn completion (expected to occur on 3rd May 2016), Red Rock will issue and allot to the vendor, Unity Mining Ltd (ASX:UML), a company listed on the Australian Stock Exchange, 21,315,971 new Red Rock shares credited as fully paid as the Share Consideration. The Cash Consideration will be paid by MTR.\n \nIn addition, Red Rock will issue to the vendor 21,315,971 options giving the right within two years to exercise each option into a new Red Rock share at a price of 0.66 pence per share. \n \nAt the close of business on 27 April 2016 the price of GRL shares was 1.65 pence and the market capitalisation of GRL was £1.027m. \n \nAndrew Bell, Chairman, comments: \"Ou...