Last checked at 13 Nov 2014 14:35
Red Rock Resources Plc
Update on Resource Star
13 November 2014
Red Rock Resources plc ("Red Rock"), the mining and exploration company with gold interests in Colombia, Kenya, and Ivory Coast, is pleased to announce an update in relation to the planned acquisition of Cloud Lands Digital Fortress Ltd ("Cloud Lands") by Resource Star Ltd (ASX:RSL)("RSL").
Highlights:
· Option to acquire 100% of the issued capital of Australian cloud computing service and infrastructure provision company Cloud Lands exercised by RSL
· A number of conditions precedent to completion of acquisition satisfied, with details of the capital raising and general meeting of RSL shareholders to be announced soon
RSL announced today in Australia that it had exercised its option to acquire 100% of the issued capital of Cloud Lands, pursuant to the terms previously announced on 1 August 2014.
Completion of the acquisition remains conditional inter alia on completion of a capital raising of not less than AUD3,500,000, a consolidation in the ratio of 5:1 (or such other ratio as required for RSL to be reinstated to official quotation on the ASX following completion of the acquisition) and all necessary approvals from RSL shareholders and Australian regulators.
A full text of the announcement by RSL may be found here: http://www.asx.com.au/asxpdf/20141113/pdf/42tpp3hvmcd5sj.pdf
Information on RSL
RSL is an Australian listed company in which Red Rock has 65.3m shares (an 15.2% holding) and 5.21m options exercisable at AUD 0.004. The last traded price for RSL shares was AUD 0.007.
For further information contact:
Andrew Bell 0207 747 9960 or 0776 647 4849 Chairman 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.
Rupert Trefgarne 0203 128 8817 Media Relations MHP Communications