LONDON - Red Rock Resources Plc, a mining and exploration company focused on gold, base metals, and other natural resources, has announced an update on its Australian gold project. The update follows previous announcements on June 12, 2024, and November 18, 2024, regarding the company's acquisition of a significant interest in the Victoria Goldfields and South Australia.
The company originally entered into an agreement on March 13, 2024, to acquire a 49.9% stake 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 region.
As of Monday, Red Rock Resources revealed that it had made a payment of £200,000, which is part of the £250,000 cash sum due nine months after the completion of the acquisition. The remaining £50,000 and other sums will now be rescheduled for payment on January 20, 2025.
Additionally, the £250,000 convertible loan notes that were issued to the company upon completion of the transaction and were set to expire on December 19, 2024, will now be repaid in cash on March 19, 2025. Furthermore, the 166,666,667 RRR warrants that were issued to POW, which were set to expire three years after 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 consolidating and advancing 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 provided in this article is based on a press release statement from Red Rock Resources. It is important to note that this is an ongoing development and further updates may follow as the company progresses with 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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