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10 May 2021 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Investee Entity Update - Elephant Oil Limited
10 May 2021
Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces an update in respect of its 4.68% holding in investee company Elephant Oil Limited ("EOL"), the holder of hydrocarbon exploration licenses in onshore Benin. This investment is currently carried in the Company's books at a value of £137,500.
The Board of the Company is pleased to announce that the Company has received an offer (which it has accepted) in respect of its shareholding in EOL to exchange its shares in EOL for shares in Elephant Oil Corp. ("EOC"). Red Rock will receive one third of a share of common stock in the capital of EOC for each ordinary share held by the Company in EOL resulting in the issue to Red Rock of 362,318 shares in EOC.
EOC is a newly incorporated entity based in the USA which has stated that it intends to raise pre-IPO capital of approximately USD $2 million followed by a larger offering and admission to trading on NASDAQ Capital Market in September of this year. There can be no guarantee, however, that the intentions of EOC will be fulfilled.
Given the variables, Red Rock is not revaluing its investment at this time but it is supportive of the management of EOL and looks forward to releasing further information in due course.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Mark Treharne 0203 700 2500 Broker Pello Capital Limited
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