Red Emperor Resources NL AIM Rule 15 Cash Shell Status (5318V)
August 07 2020 - 7:30AM
UK Regulatory
TIDMRMP
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, p ursuant 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 GBP6 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 rns@lseg.com or visit www.rns.com.
END
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