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Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Has accepted an offer to exchange its 4.7% stake in Elephant Oil Ltd - which holds hydrocarbon exploration licenses onshore Benin - to exchange its shares in Elephant Oil Ltd for shares in Elephant Oil Corp.
Red Rock will receive a third of a share in EOC for every one share held in EOL, resulting in the issue to Red Rock of 362,318 shares.
EOC is a newly incorporated entity based in the US which has stated that it intends to raise pre-IPO capital of approximately US2 million followed by a larger offering and admission to trading on Nasdaq Capital Market in September of this year.
Current stock price: 0.95 pence
Year-to-date change: down 9.5%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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