Red Rock Resources acquires option in Kansai Mining Corporation
01.02.2012 | CNW
LONDON, Feb. 1, 2012 - Red Rock Resources PLC ('Red Rock') announced today that it has acquired from a shareholder of Kansai Mining Corporation ('Kansai') an option over 5,923,237 common shares in Kansai at an aggregate purchase price of the greater of (i) US$0.05 per common share, and (ii) 85% of the amount of the valuation of Kansai's assets (to be undertaken by Red Rock), at any time in the next four years. The option is exercisable for $1. If the option is exercised, the common shares would represent in the aggregate approximately 4.94% of Kansai's issued and outstanding capital.After giving effect to the transaction, Red Rock now owns and controls, or has the option to own and control, 45,552,237 common shares of Kansai representing 37.96% of the total issued and outstanding common shares of Kansai.
Red Rock acquired the common shares for investment purposes. Depending on market and other conditions, Red Rock may, from time to time, increase or decrease its ownership, control or direction over the common shares or other securities of Kansai.
Red Rock Resources PLC
CONTACT:
Andrew Bell
+44 20 7402 4580
Red Rock Chairman or Resources plc
+44 7766 474849
Sandra Spencer
+44 20 7402 4580
Red Rock Public and or Resources plc Investor
+44 7757 660 Relations 798
Phil +44 20 7444 0800
Religare Capital Nominated
Davies/David Markets Adviser Porter
Nick Emerson
+44 1483 413500
Simple Broker Investments Ltd
Updates on the Company's activities are regularly posted on its website, www.rrrplc.com