Business
Application to OFSI for return of US$2 million
Application to OFSI for return of US$2 million.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n\nThe 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.\n \n4 December 2023\n \nRockfire Resources plc\n(\"Rockfire\" or the \"Company\")\n Application for OFSI Exemption Licence for return of US$2 million Consideration\n\nRockfire 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\").\n \nOn 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.\n \nThe 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.\n \nThe 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.\n \nFor further information on the Company, please visit or contact the following: \n \n\n\n\n...