NAMA has acquired 35,294,118 shares of it´s Joint venture partner in the Melville bugt iron ore project, Red Rock Resources Plc. (RRR), at 1.7 pence a share. NAMA will hold 3.65% of the Company’s issued share capital upon completion of the purchase.
Vilhjalmur Vilhjalmsson, CEO of NAMA Ltd. commented:
“We feel at this stage it is a good strategic move to invest in our JV partner RRR, the JV partnership with RRR at the Melville bugt project has been very successful for the past two years, and we have high expectations towards this project as well as other RRR projects and it’s the management view that RRR shares are highly undervalued at the moment. We also look forward to working together with the highly skilled people at RRR in the future”