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Rimrock Gold Corp (OTCMKTS:RMRK) Stock Takes a Hit: But Why?

Ian Leigh , , , ,

Following the announcement from Rimrock Gold Corp (OTCMKTS:RMRK) yesterday it could be a good time for investors to consider taking a look into the specific development. The company announced yesterday that it had inked a second extension agreement to the definitive agreement that it had signed to acquire a 100% stake in the firm BluNitric Group Ltd.

Trading Data

On Tuesday, RMRK stock moved down 33% to $0.0003 with 16.64 million shares, compared to volume of 9.56 million shares. The stock moved within a range of $0.0003 – 0.0004 after opening trade at $0.0004.

Rimrock Gold Corp Announces a Further Extension to Complete Acquisition of BluNutric Group Ltd.

The original definitive agreement had been signed by the company on December 22, 2022. Initially, the final closing date for the transaction had been set for March 31, 2023 but since then both the parties had agreed on an extension and the completion date was fixed for June 30, 2023. BluNitric is an innovative eco-friendly company that is involved in servicing the algae farming and nutraceutical sector.

As per the provisions of the agreement, in addition to the 100% interest in BluNitric Group, Rimrock Gold would also get a controlling interest in BluNitric Australia Pty Ltd, a subsidiary unit. To get hold of that, Rimrock Gold would issue a total of 400000 Preferred B shares to BluNitric once the acquisition is closed. At this point, BluNitric is also working on raising the necessary cash so as to close the transaction.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.