Earlier on in the week on March 28, Rimrock Gold Corp (OTCMKTS:RMRK) came into focus after it announced that it had signed an extension agreement in relation to the Definitive Agreement with regards to the 100% acquisition in the Wyoming corporation BluNitric Group Ltd.
Rimrock Gold Corp Announces Extension to Complete Acquisition of BluNutric Group Ltd.
The initial agreement had a closing date of March 31, 2023, but due to the signing of the extension agreement, both parties decided to extend the acquisition date to May 31, 2023. BluNitric is a company that is involved in the eco-friendly space and is best known for providing its services to the nutraceutical and algae farming industry.
As per the agreement, Rimrock Gold Corp would acquire 100% of the outstanding and issued shares in BluNitric. In addition to that, it would also get a controlling stake in the BluNitric subsidiary company BluNitric Australia Pty Ltd. Upon the closure of the acquisition, the company would issue as many as 400,000 Preferred B shares to BluNitric.
It is important to note that prior to the closing of the acquisition, BluNitric would also need to raise minimum financing of $1,000,000, which are going to be deployed for the development of the algae plants in Brisbane, Australia.