Red Rock Resources acquires option in Kansai Mining Corporation

LONDON, Feb. 1, 2012 /CNW/ - Red Rock Resources PLC ("Red Rock") announced today that it has acquired from a shareholder of Kansai Mining Corporation ("Kansai") an option over 5,923,237 common shares in Kansai at an aggregate purchase price of the greater of (i) US$0.05 per common share, and (ii) 85% of the amount of the valuation of Kansai's assets (to be undertaken by Red Rock), at any time in the next four years. The option is exercisable for $1. If the option is exercised, the common shares would represent in the aggregate approximately 4.94% of Kansai's issued and outstanding capital.

After giving effect to the transaction, Red Rock now owns and controls, or has the option to own and control, 45,552,237 common shares of Kansai representing 37.96% of the total issued and outstanding common shares of Kansai.

Red Rock acquired the common shares for investment purposes. Depending on market and other conditions, Red Rock may, from time to time, increase or decrease its ownership, control or direction over the common shares or other securities of Kansai. 

SOURCE Red Rock Resources PLC

For further information:

Andrew Bell   +44 20 7402 4580 or
+44 7766 474849  
  Red Rock Resources plc   Chairman 
Sandra Spencer   +44 20 7402 4580 or
+44 7757 660 798  
  Red Rock Resources plc   Public and Investor Relations
Phil Davies/David Porter    +44 20 7444 0800   Religare Capital Markets   Nominated Adviser
Nick Emerson   +44 1483 413500   Simple Investments Ltd   Broker

Updates on the Company's activities are regularly posted on its website,  www.rrrplc.com

 

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Red Rock Resources PLC

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