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Red Rock Resources PLC - resources development company focused on gold, base metals, battery metals, and hydrocarbons projects in Africa and Australia - Says all conditions relating to purchase of remaining 49.9% stake of Red Rock Australasia Pty Ltd from Power Metal Resources PLC have been fulfilled. Expects deal to complete by June 16. Red Rock will deliver to Power Metal Resources £250,000 in convertible loan notes, with a conversion price equal to the price of any placement of new shares of Red Rock raising proceeds of over £200,000. Should conversion not be undertaken within six months from March 8, the CLNs of £250,000 are repayable immediately as cash and Red Rock will deliver 166.7 million shares to Power Metal, with accompanying warrants exercisable at 0.25p per share in Red Rock. Current Red Rock stock price: 0.050 pence 12-month change: down 62% Current Power Metals stock price: 19.22 pence 12-month change: up 22% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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