Red Rock Resources twitter tweets:19 Sep 2019 12:46
"UPDATE ON MINERAL INTERESTS IN KENYA
? Red Rock Resources encourages shareholders to view the content of the RNS from 22 October 2018 referred to in todays news release at 7am in which a detailed description of the Migori process was conveyed"
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Okay i will do that and the 22 October RRR rns says:
"Red Rock Resources Plc, the natural resource investment and development company, announces, further to its announcement of 15 June 2018, an update in relation to the legal proceedings instituted by Red Rock and its local partner (the "Applicants") in May 2015 against the Ministry of Mining in Kenya.
A Consent has been signed on behalf of the Attorney General and the Company and is being filed with the court. Under the terms of the Consent, the parties have agreed that the case be marked as withdrawn with no order as to costs, that the Applicants are at liberty to apply for licenses under section 225(6) of the Mining Act 2016, and that previous decisions will not be prejudicial to such applications.
The Company welcomes this settlement and has caused the appropriate applications to be made"
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Hang on it says further to it's announcements of 15th June 2018. Ok let's see what the 15th June 2018 RRR rns said:
"Red Rock also announces, further to its announcement of 26 June 2015, that a revision to its agreement with Kansai Mining Corporation ("Kansai") of 20 June 2015 ("2015 Agreement") was executed on 11 June 2018 ("2018 Agreement"). The effect of the revision is that Kansai exchanges its 25% carried interest in the mineral assets of Mid Migori Mining ("MMM" and "Assets") under the 2015 Agreement for a $50,000 payment, leaving Red Rock with a 100% interest. In the event of a renewal or reissue of licenses covering the Assets the Company will within three months make further payments, subject to such renewal or resissue not being on unduly onerous terms, as follows: (1) $2.5m payable in cash, (2) a $1m promissory note payable 15 months after issue, and (3) £500,000 of warrants into Red Rock shares at a price 20% above their average closing price on the three trading days prior to issue.
Red Rock and MMM instigated in May 2015 proceedings for judicial review in relation to a Ministerial decision which purported to deprive them of the Assets. Those proceedings are not concluded."
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That looks a problem because RRR don't have any money.