Update

RNS Number : 2441F

Red Rock Resources plc

18 February 2015

 



Red Rock Resources Plc

Update

18 February 2015

Red Rock Resources plc ("Red Rock"), the mining and exploration company with gold interests in Colombia, Kenya, and Ivory Coast, announces an update.

Colombia

The sale transaction of Red Rock's interests in the El Limon mine proceeds and an announcement will be made upon execution.

Ivory Coast

Samples from Dabakala and Alepe are at SGS Ouagadougou undergoing chemical analysis and test results are expected shortly. A further announcement will be made following analysis by Red Rock of those results.

Resource Star Limited

In relation to the planned acquisition of Cloud Lands Digital Fortress Ltd ("Cloud Lands") by Resource Star Ltd (ASX:RSL)("RSL"), RSL has announced:

·     Termination of agreement to acquire Cloud Lands Digital Fortress Ltd

·     Placement of up to 105,974,534 fully paid ordinary shares at a price of $0.006 per share, with a 1 for 2 free attaching Options, to raise up to $636,000 before costs

RSL announced on 9 February 2015 in Australia that it has terminated its agreement to acquire Cloud Lands. This decision was made pursuant to the conditions precedent in the executed binding term sheets as set out in RSL's ASX announcement of 1 August 2014. The management of both RSL and Cloud Lands mutually agreed that as all conditions precedent had not been satisfied as at 6 February 2015, it was best to terminate the original agreement.

The Board of Resource Star is currently reviewing a number of alternative investment opportunities with the intention to acquire an asset that will maximise shareholder value in the current market conditions.

On 11 February 2015 RSL announced a placement of up to 105,974,534 fully paid ordinary shares at a price of $0.006 per share, with 1 for 2 free attaching Options ("Placement"), to raise up to $636,000 before costs, conditional on RSL shareholder approval.  Mathew Walker, a Director of RSL, will subject to shareholder approval make an additional subscription of 50 million shares and 25 million Options, on the same terms and conditions as the Placement.

The full text of the announcements can be found at:

http://www.asx.com.au/asxpdf/20150209/pdf/42wh679xnkwdbl.pdf 

http://www.asx.com.au/asxpdf/20150211/pdf/42wjcx1fxkhws1.pdf 

Information on RSL

RSL is an Australian listed company in which Red Rock has 65.3m shares (an 18.6% holding) and 5.21m options exercisable at AUD 0.004. The last traded price for RSL shares was AUD 0.008.

For further information contact:

Andrew Bell 0207 747 9960 or 0776 647 4849                          Chairman 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.

Christian Pickel 0203 128 8817                                                      Media Relations MHP Communications

 

END

 

 

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