Partial sale of holding, update

RNS Number : 3752N

Red Rock Resources plc

29 January 2016

 

Red Rock Resources plc

("Red Rock" or the "Company")

Partial sale of holding, Update

29 January 2016

Sale of SRT

Red Rock Resources plc, the mining and exploration company with interests in gold and oil exploration announces, further to its announcements of 2 December 2015 and 29 December 2015 that it has disposed of its remaining investment in Star Striker Limited (ASX:SRT)("SRT"), formerly Resource Star Limited.

A total of 13,035,134 shares in SRT have been sold for net proceeds of AUD 286,027 , at an average price per share of c. AUD 2.194 cents. In addition 500,000 SRT options exercisable up to 31st March 2016 at a price of AUD 0.004 per SRT share ("Options") were sold for a consideration of AUD 9,405. The total consideration for the sales is AUD 295,432 (approximately £145,833).

Following the sale, the Company has entirely disposed of its shares in SRT. The Company retains 4,713,290 Options.

The disposed assets stood in the books of Red Rock as at 30^th June 2015 at an audited value of AUD 91,245.

Other

Further to the announcements of 14 April 2015 and 15 May 2015, the second tranche of sale proceeds from the sale of Red Rock's Colombian interests, amounting to USD 225,000, is expected in mid-February 2016. Additionally, on 13 January 2016 it was announced that Colombia Milling Limited ("CML"), the buyer of these interests, had signed letters of intent with a public company for a transaction that if implemented would give the Company a right to early conversion of the USD 1,000,000 promissory note executed by CML into listed shares. The announcement may be found at: http://bit.ly/1KHPW3W. As is noted therein, the transaction is subject to several conditions precedent including the approval of the TSX Venture Exchange.

Further to the announcement of 17 November 2015, the Company announces that the hearing in the Nairobi High Court on Red Rock's application for judicial review took place as scheduled on 27 January 2016, a timetable was set, and the matter was scheduled for mention on 18 February 2016.

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

Christian Pickel 0203 128 8208                                                 Media Relations MHP Communications

 

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