TIDMRLH
RNS Number : 1005E
Red Leopard Holdings PLC
07 April 2014
Red Leopard Holdings Plc
("Red Leopard", the "Group" or the "Company")
Trading Update, Directorate Change and issue of equity
The Company is pleased to provide the following update on its
activities.
Trading Update
As announced previously, the Company has been working with the
U.S. Bureau of Land Management ("BLM") in respect of its plans to
reopen the Idora Tunnel for the purposes of exploration on its
mining claims in the vicinity of Shoshone County, Idaho. With the
onset of spring, the Company hopes to finalise these plans and,
subject to approval from the BLM, commence exploration work
immediately on such approval.
During the winter season, the Company has obtained a substantial
volume of historical records in and around its Idora Mine claims.
These records were assembled and catalogued, and certain critical
maps were digitized. The directors believe this data will prove
extremely valuable in executing our 2014 program. The directors
have also used this time to explore other opportunities in the
Coeur d'Alene mining district.
The directors have also been proactive in considering other
complimentary resource assets in particular in Chile and earlier
this year, the Company established a wholly owned subsidiary,
Minera Red Leopard Chile SpA ("MRLC"). Through MRLC, the Company
has recently assisted in the facilitation of the sale by Sociedad
De Asesoria Jurdica y Economica Minem S.A. ("Minem"), a private
company, of two properties, Tres Amantes and San Antonio, in the
Atacama Region of Chile, to TSX-V listed Cougar Minerals Corp
("Cougar"). Minem has paid the Company US$25,000 in cash and agreed
to assign 300,000 ordinary shares ("Consideration Shares") in
Cougar representing a proportion of the consideration Minem
received for the properties. Under the rules for the TSX-V
assignment of the Consideration Shares cannot occur until 31
July2014 at which point any restrictions for Minem on the transfer
of the Consideration Shares are lifted.
Director Resignation
Simon Michaels, non-executive director, has today resigned as a
director of the Company due to other work commitments which require
his increased attention. The Company wishes Simon every success in
the future and thanks him for his loyalty over the years. Howard
Crosby takes over as chairman of the Audit and Remuneration
Committees with immediate effect.
Accrued Directors' Fees and issue of equity
Upon Simon's resignation, the Board deems it the appropriate
time to satisfy the directors' accrued aggregate gross salaries and
fees from the last seven months to 31 March 2014 amounting to
GBP43,750. The directors have therefore agreed to capitalize the
amounts outstanding at an equivalent of 0.6 pence per share.
Accordingly, the Company has agreed to issue and allot an aggregate
of 7,291,666 Ordinary Shares of 0.1p ("Capitalisation Shares").
The Capitalisation Shares shall be issued as follows:
Outstanding Capitalisation Total number Percentage
fees Shares of shares of the share
held capital
as enlarged*
------------------- -------------- --------------- ------------- --------------
John May** GBP14,583.33 2,430,555 29,224,571 12.2%
Stuart Adam GBP14,583.33 2,430,555 10,030,555 4.2%
Simon Michaels*** GBP7,291.67 1,215,278 18,915,211 7.9%
Howard Crosby GBP7,291.67 1,215,278 1,215,278 0.5%
*As enlarged by the Capitalisation Shares and Subscription
Shares as detailed below
**John May holds the majority of his shares in his Self
-Invested Personal Pension
***Held by S2 Solutions Limited in which S Michaels holds a
majority interest
Under the AIM Rules the issue of the Capitalisation Shares to
the Directors is deemed to be a related party transaction for the
purposes of AIM Rule 13. As there are no independent directors to
opine on the transaction, Northland Capital Partners Limited, in
its capacity as the Company's nominated adviser, considers that the
terms of the transaction are fair and reasonable insofar as the
shareholders are concerned.
Share Subscription
The directors are also pleased to announce that the Company has
raised US$75,000 before expenses via a private subscription for
7,575,000 new Ordinary Shares of 0.1p per share at a price of 0.6p
per share ("the Subscription Shares"). Application will be made for
the Subscription and Capitalisation Shares to be admitted to
trading on AIM and it is expected that dealing in these shares will
commence on 11 April 2014. The Subscription Shares and
Capitalisation Shares will, when issued, rank pari passu in all
respects with the existing issued shares of the Company. The sums
received through the subscription will be used to seek out further
opportunities in the sector.
Following admission of the Capitalisation Shares and
Subscription Shares the Company will have 239,820,728 Ordinary
Shares of 0.1p in issue. This figure may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Comments
John May, Chairman, commented: "We continue to progress our core
asset against our agreed timetable and meanwhile are delighted to
have participated in this deal with Minem allowing the Company to
continue to grow shareholder value whilst waiting for the weather
to break to allow us to focus on our core silver asset in the US.
We believe there are similar opportunities in Chile which may allow
us to replicate this sort of deal and all at a minimal outlay for
the Company. "
Enquiries:
Red Leopard Holdings PLC
John May, Chairman Tel: +44 (0) 207 917 6826
Northland Capital Partners Limited
Luke Cairns / Lauren Kettle Tel: +44 (0) 207 382 1100
Beaufort Securities Limited
Saif Janjua Tel: +44 (0) 207 382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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