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Jupiter Mines completes share buy-back

By BFN News | 01:47 PM | Monday 13 March, 2017

Red Rock notes that Jupiter Mines, a private company in which it holds an investment, has completed the equal access share buy-back which commenced on 30 January 2017. Jupiter Mines said: "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 $53,676,063.26 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 $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 commented: "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." At 1:46pm: (LON:RRR) Red Rock Resources PLC share price was +0.03p at 0.7p Story provided by

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