Business
Issue of Shares to Complete Acquisition of Molaoi
Issue of Shares to Complete Acquisition of Molaoi.
About this update from Rockfire Resources Plc
[{"type":"text","content":"\n \n \n \n \n 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.\n \n \n \n \n \n \n \n \n 16 May 2022\n \n \n \n \n \n \n Rockfire Resources plc\n \n \n \n (\"Rockfire\" or the \"Company\")\n \n \n \n \n \n Issue of Shares to Complete Acquisition of Molaoi\n \n \n Director/PDMR Shareholding\n \n \n \n \n \n \n \n Rockfire Resources plc (LON: ROCK), the gold and base metal exploration company, is\n pleased to announce\n that it has successfully secured 100% control of the Molaoi zinc project, through the acquisition of all shares in Hellenic Minerals IKE (\"Hellenic\"), the Greek-registered holder of the exploration and exploitation licence.\n \n \n \n \n \n In accordance with the Memorandum of Understanding (MOU), and as consideration for the transfer of all Hellenic shares to Rockfire, Rockfire will issue a total of 50,000,000 (fifty million) new ordinary shares in the Company at an issue price of £0.01 (1.0p) as Tranche 1 (\"Acquisition Shares\") to the vendors of Hellenic (or their nominees). The Acquisition Shares will be voluntarily escrowed by the vendors of Hellenic (or their nominees) for a period of 6 months from the date of issue.\n \n \n \n \n \n Within 28 days after Rockfire announces a JORC-compliant mineral resource exceeding four hundred thousand (400,000) tonnes of zinc equivalent value, Rockfire shall issue to the Vendors of Hellenic (George Skevas or his nominee/s), a further £400,000 worth of Rockfire Shares as Tranche 2 (or £200,000 cash and £200,000 in shares). The number of shares to be issued will be based at a 5% discount to the 5-day VWAP share price in Rock at the time of the RNS release of the JORC. The Rockfire Shares to be issued as Tranche 2 to the Vendors of Hellenic or their Nominees will be voluntarily escrowed for a period of 6 months from the date of issue.\n \n \n \n \n \n The Vendors of Hellenic shall retain an enduring 2.0% (two percent) Gross Production Royalty on saleable product from all metals extracted from the Assets (Tranche 3). Rockfire shall have the Option to acquire the Gross Production Royalty for a cash consideration o...