Red Rock Resources plc (AIM: RRR) announced that the EGM of Retail Star Limited (ASX: RSL) approved all the resolutions required to implement the agreement between the two companies. Accordingly, RSL will acquire the Red Rock subsidiary Orion Exploration Pty Ltd and its uranium interests and assets.
The consideration for the acquisition is A$1.5 million in cash which was funded by Red Rock subscribing for 80 million ordinary shares in RSL at A$0.015 per share which represent about 15.6% of the issued share capital of RSL - post acquisition. Red Rock also has 20 million options and up to 80 million performance shares in RSL.
Andrew Bell, Chairman of Red Rock, was elected as Chairman and Director of RSL.