13th Oct 2014 10:19
LONDON (Alliance News) - Red Rock Resources PLC Monday said it has extended the exclusivity period on the sale of its Colombian assets to Nicaragua Milling Co Ltd.
The outside date for exclusivity has been extended to November 10, and the outside date for closing is November 28. It is the third time Red Rock has extended the exclusivity period since July.
Nicaragua Milling wanted to buy additional holdings in Four Points Mining SAS beyond the 50.01% held by Red Rock through American Gold Mines Ltd, and has agreed to buy an 11.2% stake held by a local shareholder.
"NMC has informed the company that it has made an initial payment on this contract which is for completion on 24 November," Red Rock said in a statement.
"Further announcements will be made as the transaction progresses," it added.
By Joshua Warner; [email protected]; @JoshAlliance
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