Red Rock Resources plc Investee Entity Update - Elephant Oil Limited (9941X)
May 10 2021 - 2:00AM
UK Regulatory
TIDMRRR
RNS Number : 9941X
Red Rock Resources plc
10 May 2021
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 E
lephant 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 GBP137,500.
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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