LONDON – Red Rock Resources Plc, a mining and exploration company focused on gold, base metals and other natural resources, has announced an update to its Australian gold project. The update follows previous announcements made on 12 June 2024 and 18 November 2024, in relation to the Company's acquisition of a significant stake in Victoria Goldfields and South Australia.
The Company originally entered into an agreement on 13 March 2024 to acquire a 49.9% interest in New Ballarat Gold Corporation plc from Power Metal Resources PLC (“POW”). New Ballarat Gold Corporation plc is the parent company of Red Rock Australasia Pty Limited, which holds exploration licenses in the area.
As of Monday, Red Rock Resources revealed it had made a £200,000 payment, part of a £250,000 cash payment due nine months after the acquisition was completed. The remaining £50,000 and other amounts will now be rescheduled for payment on 20 January 2025.
In addition, the £250,000 convertible loan notes that were issued to the company upon completion of the transaction and were due to expire on 19 December 2024, will now be repaid in cash on 19 March 2025. Furthermore, RRR guarantees of 166,666,667 Issued to POWs, which were scheduled to expire three years from the date of issue, will now be repriced to an exercise price of 0.041 pence each.
This strategic move underscores Red Rock Resources' commitment to strengthening and strengthening its position in the Australian gold exploration sector. The Victoria Goldfields, in particular, is an area with a rich mining history and potential for new discoveries.
The information in this article is based on a press release issued by Red Rock Resources. It is important to note that this is an ongoing development and further updates may follow as the company advances its exploration and development activities. Investors and interested parties are advised to follow the company's official communications for future announcements.
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