Red Rock's Resource Star support
3rd Feb 2012
LONDON, Feb 3 – UK-based explorer Red Rock Resources says it will direct part of the proceeds from the recent rationalisation of its uranium interests to support its Australian subsidiary Resource Star.
Red Rock will support the Australian company’s current entitlement issue for its current 24.57% shareholding, and underwrite the issue up to $500,000, potentially lifting its holding to 46.25%.
Resource Star is seeking to raise A$1.1M by the 1-for-1 non-renounceable entitlement issue at 2c.
Red Rock, which says it rationalised its investment in Canadian specialist Cue Resources because of negative sentiment towards the uranium sector, says its support for Resource Star will create a stronger company able to explore its portfolio of assets and potentially look at other opportunities within the mining sector.
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