Red Rock Resources (LON: RRR), the mineral exploration and development company focused on advancing iron ore, uranium and manganese projects in Australia and East Africa, today announced that Jupiter Mines (ASX: JMS), an Australia-based iron ore exploration company, has made public a proposal made by Red Rock resources and Pallinghurst Resources.
The proposal made by Pallinghurst Resources and Red Rock Resources is seeking to vend 'certain assets' into Jupiter Mines. Jupiter noted that any deal would involve an issue of shares which would be likely to lead to a change in control.
Jupiter Mining’s Board further noted that approval of shareholders would be required prior to any decision being made and detailed information would need to be presented to shareholders at a general meeting. Jupiter Mining’s Board is currently giving the proposal careful consideration and will be releasing further information when the decision has been made.
Red Rock, who are acting in concert with Pallinghurst Resources Australia Ltd, are together the largest shareholders in Jupiter, and have a combined disclosed shareholding of 33,619,403 shares in Jupiter amounting to 19.9% of the outstanding share capital.