Giant Pacific Petroleum (VSE) is awaiting permission from the Vancouver Stock Exchange to change its name to Red Rock Mining and consolidate its share capital on a 1-for-10 basis.
Having gained shareholder approval for a plan to reduce its share capitalization to 1.5 million from 15.5 million shares, the new company is preparing to resume mining operations at its dump leach operation in Goldfield, Nev.
At a special meeting in Vancouver, shareholders gave Giant Pacific the go-ahead to acquire 100% of Red Rock from Australian company Walhalla Mining in return for 2.25 million post-consolidation shares priced at $2 and 2.25 million warrants. The warrants are exercisable at $2.25 for one year, subject to certain other obligations and guarantees.
After these transactions are completed, Walhalla Mining will become the largest shareholder, with 66%, of a company with gold mining assets covering 11,000 acres in Nevada’s Goldfield region. Production in the area from 1900 to 1960 was 4.1 million oz. gold, 1.4 million oz. silver and 7.6 million lb. copper.
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