Golden Rock Global Plc (LSE:GCG) signed a binding heads of terms to acquire Golden Rock Global Plc (LSE:GCG on August 17, 2023. The consideration payable will be satisfied entirely by the issue of new GCG shares, and is anticipated that it will be in the region of £6 to £8 million. The parties have agreed that GCG will be valued at the higher of (i) £1 million; and (ii) 15% of the market capitalization of the enlarged entity upon completion.

The Company also announces that it intends to carry out a contemporaneous fundraising to raise further working capital for the enlarged group. Upon completion, the Company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. The transaction is subject to the completion of legal and financial due diligence.