Metals & Minerals News

Red Rock takes 100% of Australia gold JV

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Red Rock Resources plc now owns 100% of its Australian gold joint venture after completing the purchase of its partner’s share.

The company bought Power Metal Resources plc’s 49.9% interest in subsidiary New Ballarat Gold Corporation plc, which wholly owns local operator Red Rock Australasia Pty Ltd.

The transaction covers exploration licences in the Victoria gold fields, containing the historic Berringa mine, and in South Australia.

Red Rock issued 166,666,667 new ordinary shares in the company to Power Metal, a £250,000 convertible loan note and 100 million warrants exercisable for three years at a price of 0.15 pence per share.

Following admission, Red Rock’s issued ordinary share capital will comprise 4,305,645,478 ordinary shares, with voting rights. None of the shares is held in treasury.

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2 Replies to “Red Rock takes 100% of Australia gold JV”

  1. Pingback: Red Rock receives offer for Australia gold interest - Extractive Industries
  2. Pingback: Red Rock defers payment for Australia assets - Extractive Industries

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