Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and base metals, announces an update in respect of the listing of Juno Minerals Limited (“Juno”) on the Australian Stock Exchange (“ASX”) with the stock symbol ASX: JNO.
Juno was formed as a spin-out of its iron ore interests by Jupiter Mines Ltd (ASX:JMS, “Jupiter”), a leading low-cost manganese producer with production in the Northern Cape Province of South Africa, in which Red Rock is a shareholder. In connection with the listing, Jupiter distributed its entire 100% interest in Juno to Jupiter shareholders at A$0.25 per Juno share, and Juno raised funds from new shareholders at listing at the same price.
Juno (www.junominerals.com.au) saw trading in its shares begin on the ASX today, and the closing price of the Juno shares was A$0.17.
The Company holds approximately 1,216,108 Juno shares, and has a royalty over Juno’s Mt Ida magnetite project.
Red Rock Chairman Andrew Bell comments: ” There could not be a better time to list an iron ore company, with the iron ore price in the last week reaching record highs as the market starts to appreciate that it is not just high demand from China that is being seen but from other industrial countries as well. Sustainably high prices are needed to justify most new projects, but the Juno team’s target is to bring the Mount Mason deposit, with direct shipping ore, into production within twelve months.
Not every shareholder in Juno will want or be able to retain the holding it received through the distribution, but once they have sold, we believe the market prospects for this emerging iron ore producer will be good”.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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