Last checked at 2 Dec 2015 07:00
Red Rock Resources plc
("Red Rock" or the "Company")
Partial sale of holding
2 December 2015
Red Rock Resources plc, the mining and exploration company with interests in gold and oil exploration announces, further to its announcement of 5 November 2015, that it has partially disposed of its holding in its Australian associate, Star Striker Limited (ASX:SRT)("SRT"), formerly Resource Star Limited.
A total of 32,300,000 shares in SRT has been sold for net proceeds of AUD 561,078.21 (approximately £272,415.21), at an average price per share of c. AUD 1.737 cents.
Following the sale, the Company retains 33,035,134 shares in RSL, amounting to 4.05% of the issued share capital, as well as 5,213,290 options exercisable up to 31st March 2016 at a price of AUD 0.004 per RSL share. As at close of business in Australia on 1st December 2015 the price of SRT was AUD 0.017 and the market value of the SRT shares and options owned was AUD 629,370.05.
The disposed assets stood in the books of Red Rock as at 30th June 2015 at an audited value of AUD 226,100.
Andrew Bell, Chairman, states: "SRT had become, due to its strong price performance, a significant asset for Red Rock. The large proportion of our value represented by this non-core asset required that we rebalance our holdings. The proceeds of this disposal will enable the Company to fulfil key objectives by funding its participation in the Shoats Creek Oil Project, broadening the asset base and, we expect, generating early cash flow. The board fully expects SRT to continue its progress of the last year, and so retains the majority of its holding. Red Rock has no intent to make further disposals of SRT".
For further information, please contact:
Andrew Bell 0207 747 9990 or 0776 647 4849 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd
Christian Pickel 0203 128 8208 Media Relations MHP Communications