Rimrock Gold Corp Announces a Further Extension to Complete Acquisition of BluNutric Group Ltd.
Filed under Uncategorized
On May 30, 2023, Rimrock Gold Corp. (OTC Pinks: RMRK) (the “Company”) announces the signing of an Extension Agreement #2 to the Definitive Agreement (“Agreement”) to acquire 100% interest in BluNutric Group Ltd (“BluNutric”), a Wyoming corporation, dated December 22, 2022. The Agreement had an initial closing date of March 31, 2023, and both parties have agreed to further extend the acquisition completion date to June 30, 2023. BluNutric is an eco-friendly and ground-breaking company servicing the algae farming and nutraceutical industry.
Pursuant to the Agreement, the Company will acquire 100% of the issued and outstanding shares of BluNutric and its controlling interest in subsidiary, BluNutric Australia Pty Ltd. In consideration, the Company shall issue 400,000 Preferred B shares to BluNutric on closing of the acquisition. The Preferred B shares allows the holder to convert any or all of such shares of Preferred B stock into fully paid and non-assessable shares of Common Stock of the Company in an amount equal to one-tenth of one percent (0.1%) of the then issued and outstanding shares of the Companys Common Stock, per share of Series B Preferred stock. Accordingly, the Companys issued and outstanding Preferred B shares will increase from 500 shares to 400,500 shares. In addition, BluNutric shall undertake to raise a minimum financing of $1,000,000 prior to the closing of the acquisition for the development of algae plants in Brisbane, Australia.
BluNutric is in the process of raising the required funding necessary to close the transaction. Upon completion of the financing, both parties expect to close immediately thereafter.
BluNutric is a significant acquisition for the Company and a tremendous amount of due diligence has been performed by both parties in addition to the interested investors. BluNutric is in the final stages of completing the required financing necessary to close the transaction, stated CEO Jordan Starkman. We are confident that we will close the transaction and I look forward to seeing the Company play an important role in the global algae sector.
While the parties have executed a Definitive Agreement, the transaction has not yet been consummated, and there is no assurance that any such transaction will ultimately close.
Certain statements in this document that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as anticipate, believe, expect, future, may, will, would, should, plan, projected, intend, and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Rimrock Gold Corp. to be materially different from those expressed or implied by such forward-looking statements. The Companys future operating results are dependent upon many factors, including but not limited to: (i) the Companys ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Companys ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; and (iii) competitive factors and developments beyond the Companys control.
For more information, please contact:
Rimrock Gold Corp.
Jordan Starkman, President
1-800-854-7970
