(Alliance News) - Power Metal Resources PLC on Wednesday said that it has disposed its remaining interest in New Ballarat Gold Corporation PLC, the Australia-based exploration company that owns Red Rock Australasia Pty Ltd.
The London-based mineral exploration company told investors that the disposal of its near-50% interest in New Ballarat has now completed. Accordingly, it has now been issued 166.7 million new shares in Red Rock Resources PLC, and now owns 3.9% of Red Rock.
Power Metal has also been issued a GBP250,000 convertible loan note, and 100.0 million warrants exercisable into Red Rock shares, for 3 years at a price of 0.15 pence per share.
"With Red Rock Australasia Pty Ltd now a wholly owned subsidiary, new exploration activities in the east of our licences at Kilmore are already being planned, across the boundary from Southern Cross Gold's exploration at Sunday Creek," said Red Rock's Chief Executive Officer Andrew Bell.
Shares in Power Metal Resources were trading 1.9% higher at 18.85 pence each in London on Wednesday afternoon, while Red Rock shares were down 2.1% at 0.042p.
By Holly Beveridge, Alliance News senior reporter
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