Red Rock Resources plc has paid part of the amount due to acquire its partner’s 49% share in their Australian gold exploration joint venture.
CLNs
The company announced earlier this year its intention to purchase Power Metal Resources plc’s share in New Ballarat Gold Corporation plc.
NBGC, held by local operator Red Rock Resources Australasia Pty Ltd, has licences in the Victoria gold fields and South Australia.
Red Rock today said that, under an amended agreement, it had paid £200,000 of the £250,000 in cash due.
The outstanding balance of £50,000 and “other sums” is rescheduled to 20 January 2025.
The company added that the £250,000 convertible loan notes issued to it at completion and expiring on 19 December 2024 will instead be repaid in cash on 19 March 2025.
The 166,666,667 Red Rock warrants issued to Power Metal expiring three years after the date of issue will be repriced to an exercise price of 0.041 pence each.