8th Jan 2019 09:16
LONDON (Alliance News) - Red Emperor Resources NL on Tuesday said it raised GBP2.8 million in a share placing to provide working capital and fund the upcoming drilling of the Winx-1 exploration well in Alaska.
The exploration company placed 100.0 million shares, representing 19.04% of its enlarged share capital on admission, at 2.8 pence each. Red Emperor shares were trading marginally down at 3.12p each on Tuesday morning.
Admission of the new shares to trading is expected to take place on Monday, following which the firm will have 525.3 million shares in issue.
Red Emperor has agreed to issue 6.0 million warrants to its brokers and corporate adviser, exercisable at a price of 2.8 pence per share, for a period of 36 months from their date of issue.
Related Shares:
RMP.L