Jupiter Mines: Update

RNS Number : 2713Z

Red Rock Resources plc

13 March 2017

 

Red Rock Resources plc

("Red Rock" or the "Company")

Jupiter Mines: Update

13 March 2017

Further to the announcement of 23^rd January 2017, Red Rock announces that Jupiter Mines Ltd, an Australian unlisted public company, has made the following announcement:

            "JUPITER APPOINTS FINANCIAL ADVISOR

Jupiter Mines Limited ("Jupiter" or "Company") announces the completion of the equal access share buy-back which commenced on 30 January 2017.

The buy-back offer was greatly received by shareholders, with a total of 134,190,158 shares bought back by the Company, representing an overwhelming acceptance of 98.01%.

Shareholders have received US$53,676,063.26 million in consideration.

These shares have been subsequently cancelled. The Company now has issued capital of 2,147,645,225 shares." 

Red Rock held 27,324,374 shares in Jupiter, equivalent to approximately 1.2% of the issued share capital prior to the share buyback. The carrying cost of this investment in the books of Red Rock at the date of the last audited accounts, 30 June 2016, was £1,483,119. Following the equal access buyback, in which Red Rock tendered 6% of the Jupiter stock it held, Red Rock has received USD 655,784.80 (approximately £537,131) and holds 25,684,913 shares in Jupiter, equivalent to approximately 1.2% of the issued share capital.

Red Rock Chairman Andrew Bell comments: "This first distribution repays most of the cost of developing the Tshipi manganese mine, Jupiter's principal asset. This very long life mine has established itself as one of the world's most important and competitive producers. With Jupiter's other assets, it has the potential to continue to drive Jupiter's value and having played a role in the development of Jupiter now for over ten years, we look forward to the next stages in its growth." 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd

 

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