ROF Buys Smooth Rock Falls
Shares of Ring of Fire Resources Inc. (Public, CVE:ROF) have been halted for trading this morning as the company was expected to release a major news.
ROF released the news just after the opening of the markets and that it has acquired a 100% interest in approximately 60,000 hectares of land in the Smooth Rock Falls, Iroquois Falls and Timmins area of Northern Ontario.
The property which consists of 2 Blocks are freehold patented lands with majority of the areas are productive forestlands.
Ring of Fire Resources Inc. (Public, CVE:ROF) has 2 months in hand to evaluate the viability of the deal and deposited a non-refundable amount of $0.25 million. Once the deal executes, the company would be liable to issue 3 million shares with $6.50 million in cash, payable over the period of 1 year from the date of the execution.
ROF on the Rise
The stock has witnessed a smooth rise in its prices over the past one week and jumped about 20%. ROF is trading very near to its 52-week high of $0.18. In the previous trading session, the stock closed at $0.175.
ROF has a market capitalization of $16.19 million. It had total outstanding shares of 92.52 million.
Ring of Fire Resources Inc, (Public, CVE:ROF) is a development stage company with a focus on acquisition, exploration and development of mineral properties.
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