Red Rock Resources Plc (AIM:RRR) agreed to acquire remaining 49.9% stake in New Ballarat Gold Corporation Plc from Power Metal Resources plc (AIM:POW) for £1.5 million on March 8, 2024. Upon completion, £0.25 million will be paid in the form of convertible loan. Upon Red Rock Resources plc shareholder approval, £0.25 million will be payable through issue of 166.67 million Red Rock Resources plc ordinary shares and the remaining £0.75 million will be contingent as per the agreement.

The transaction is subject to approval of the board of Red Rock Resources and Power Metal Resources plc and regulatory approval. It is also subject to the shareholder approval of Red Rock of the issue of the Initial Share Consideration and is also conditional upon the completion of due diligence by Red Rock Resources plc. The completion will occur within 13 weeks of 8 March 2024, being the date of the agreement.