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Rimrock Gold Corp Signs Definitive Agreement to Acquire BluNutric Group Ltd.
Rimrock Gold Corp Signs Definitive Agreement to Acquire BluNutric Group Ltd..
About this update from Rimrock Gold Corp.
[{"type":"text","content":"Rimrock Gold Corp. (OTC Pinks: RMRK) (the “Company”) announces the signing of a Definitive Agreement (“Agreement”) to acquire 100% interest in BluNutric Group Ltd (“BluNutric”), a Wyoming corporation, dated December 22, 2022. BluNutric is an eco-friendly and ground-breaking company servicing the algae farming and nutraceutical industry.Pursuant to the Agreement, the Company will acquire 100% of the issued and outstanding shares of BluNutric and its controlling interest in subsidiary, BluNutric Australia Pty Ltd. In consideration, the Company shall issue 400,000 Preferred B shares to BluNutric on closing of the acquisition. The Preferred B shares allows the holder to convert any or all of such shares of Preferred B stock into fully paid and non-assessable shares of Common Stock of the Company in an amount equal to one-tenth of one percent (0.1%) of the then issued and outstanding shares of the Company’s Common Stock, per share of Series B Preferred stock. Accordingly, the Company’s issued and outstanding Preferred B shares will increase from 500 shares to 400,500 shares. In addition, BluNutric shall undertake to raise a minimum financing of $1,000,000 prior to the closing of the acquisition for the development of algae plants in Brisbane, Australia. The Company and BluNutric expect the transaction to close on or before March 31, 2023. Upon closing, the Company will appoint additional directors and officers to the Rimrock Gold board including a leading scientist from the University of Queensland, and the Company’s Articles of Incorporation shall be amended to change the name from Rimrock Gold Corp to BluNutric Inc.Algae is fast emerging to be the most promising long-term, sustainable, as well as highly eco-friendly source of biomass, and oils for food, feed, fuel and other co-products. BluNutric aims to tap into this market. Upon production commencement, forecasted 5 year revenue aim to reach $120.0 million with $100 million derived from Omega oils sales, and protein/Bio-Mass sales amounting to $20 million.BluNutric’s primary focus is to extract high quality proteins and Omega 3/ EPA oils from nannochloropsis algae. To do this, the company is supported by a group of scientists who are stalwarts in the algal biology and biotechnology fields. The superior knowledge about products and processes allows the establishm...