Red Emperor Resources NL Suspension of Trading on AIM and ASX (2827M)

TIDMRMP

RNS Number : 2827M

Red Emperor Resources NL

20 January 2021

20 January 2021

Red Emperor Resources NL

("Red Emperor" or the "Company")

Suspension of Trading on AIM and ASX

Red Emperor (ASX/AIM: RMP) announces that it has requested suspension of trading of its ordinary shares on AIM and been granted a trading halt on the ASX in accordance with ASX listing rule 17.1 pending the release of an announcement in relation to a potential acquisition (the "Potential Acquisition").

As the Potential Acquisition would, should it proceed, amount to, inter alia , a Reverse Takeover under the AIM Rules for Companies ("AIM Rules") due to its size and nature, the Directors have requested and been granted a trading halt in the Company's ordinary shares on ASX, and requested a suspension in trading on AIM, in accordance with the policies and rules of the two exchanges, pending the above mentioned announcement and thereafter the Company's satisfaction of all of the requirements of ASX and AIM (including, inter alia , the publication of an AIM Admission Document and shareholder approval).

Accordingly, trading in the Company's ordinary shares on AIM will be suspended with effect from 7.30 a.m. today.

As announced on 7 August 2020, Red Emperor became an AIM Rule 15 Cash Shell with effect from 21 July 2020 further to the relinquishment of the Western Blocks on the North Slope of Alaska. As such, the Company was required to either make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules) or become an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), within six months from 21 July 2020, failing which, the Company's ordinary shares would be required to be suspended from trading pursuant to AIM Rule 40. Accordingly, should the Potential Acquisition not proceed to completion, the Company's ordinary shares would remain suspended from trading on AIM until such time as the Company successfully completed a Re-admission Transaction in accordance with AIM Rule 15. Admission to trading on AIM of the Company's ordinary shares will be cancelled pursuant to AIM Rule 41 if a Re-admission Transaction is not completed within a six month period from today, being the suspension date.

There can be no guarantee that the Company will be able to secure and complete the Potential Acquisition or any alternative Re-admission Transaction and consequently be re-admitted to trading on AIM.

   For further information, please visit www.redemperorresources.com   or contact: 
 
 Red Emperor Resources NL - Greg 
  Bandy                              [phone] 
 
 Strand Hanson Limited (Nominated    [phone] 
  Adviser) - James Harris             3494 
 
                                     [phone] 
 Brandon Hill Capital (UK Broker)     5010 
 
 708 Capital Pty Ltd (Australian     [phone] 
  Broker)                             2500 
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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January 20, 2021 02:00 ET (07:00 GMT)