Red Rock soon have to pay £250,000 cash to Power metal.17 Jul 2024 08:07
19 June RNS confirmed Red Rock had completed the purchase of Power Metals share of the Australian joint venture. So 60 days after purchase completion Red Rock have to pay Power Metals £250,000 in cash.
In Red Rock's 12 June RNS the RRR chairman Andrew Bell said:
"We have the backing of major shareholders for our cash commitments under this transaction including the first cash payment of £250,000 due two months after Completion."
Now does that mean the major shareholders will lend Red Rock the £250,000? Or does it mean the major shareholders are okay with Red Rock doing a large fundraise so Red Rock can pay Power Metals the £250,000?