Although the company made a major new announcement yesterday, it did not lead to any joy for Rimrock Gold Corp (OTCMKTS:RMRK) shareholders as the company’s stock went through a significant selloff and ended up with a decline of as much as 22%.
Trading Data
On Tuesday, RMRK stock slid 22.22% to $0.0007 with 412.23 million shares, compared to volume of 27.44 million shares. The stock moved within a range of $0.0007 – 0.0012 after opening trade at $0.0011.
Rimrock Gold Corp Signs Definitive Agreement to Acquire BluNutric Group Ltd.
The company announced yesterday that it had inked a definitive agreement with regards to the acquisition of a 100% interest in the Wyoming corporation BluNutric Group Ltd. BluNutric is a company which is involved in the eco-friendly industry and is known for providing its services to the nutraceutical and algae farming industries through its innovative solutions. As per the provisions of the definitive agreement, Rimrock Gold is going to acquire the entirety of all the outstanding and issued shares in BluNutric.
In addition to that, the company would also get a controlling interest in BluNutric Australia Pty Ltd, which is a subsidiary of BluNutric Group. Following the closing of the acquisition, Rimrock would issue as many as 400,000 Preferred B Shares to BluNutric. The Preferred B shares are going to allow the holder to turn them into fully paid and non-assessable shares in Rimrock.
That being said, it appears that investors were not particularly happy with the development. It would be interesting to see if the Rimrock stock can stage a rebound.
