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Red Rock Resources notes Jupiter IPO delay, progress on Australian JV
StockMarketWire.com
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Mining group Red Rock Resources noted that Jupiter Mines, of which it holds an under 1% stake, had announced a delay to May if the expected IPO of iron ore spin-out Juno Minerals.
Red Rock also said its Australian joint venture with Power Metal Resources had been awarded another two licences and was on track with its initial public offering.
'Jupiter had to alter its listing timetable for Juno due to a compliance issue with one overseas shareholder in relation to its obligations under the Foreign Acquisitions and Takeovers Act 1975 of Australia and its implementing regulations,' chief executive Andrew Bell said
'Jupiter has sought guidance and taken appropriate advice and is able to proceed with the transaction, with minimal delay.'
'At Red Rock Australasia, our joint venture with Power Metal Resources, we have seen the grant of a further two licenses and understand that several more are in the last stage of processing.'
'This is an encouraging background to our continuing work on the planned IPO of the business.'
Story provided by StockMarketWire.com
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