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Red Emperor Resource - AIM Rule 15 Cash Shell Status

RNS Number : 5318V
Red Emperor Resources NL
07 August 2020
 

7 August 2020

 

Red Emperor Resources NL

AIM Rule 15 Cash Shell Status

 

The Board of Red Emperor Resources NL (ASX/AIM: RMP) ("RMP", "Red Emperor" or the "Company") announces that, pursuant to the relinquishment of the Western Blocks on the North Slope, Alaska (ADL#s 391718, 391719, 319720 & 391721) as announced on 24 July 2020 (the "Relinquishment"), the Company has become an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell").

 

As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months from 21 July 2020.  Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document.  In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

 

As at 30 June 2020, Red Emperor had cash at bank of approximately A$4.6m. The Company will continue to evaluate a number of oil and gas opportunities in line with its strategy and principal activities since being admitted to trading on AIM in 2011. A further announcement(s) will be made as and when appropriate.

 

 

For further information, please visit www.redemperorresources.com or contact:

Red Emperor Resources NL - Greg Bandy

+61 8 9212 0102



Strand Hanson Limited (Nominated Adviser) - James Harris

 

+44 (0) 20 7409 3494



Brandon Hill Capital (UK Broker)

+44 (0) 203 463 5010



708 Capital Pty Ltd (Australian Broker)

+61 (0) 2 9112 2500

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Red Emperor Resources NL

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Market: AIM
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