15th Jul 2011 10:26
15 July 2011 Red Emperor Resources NL ("Red Emperor" or "the Company") Result of General Meeting and Issue of Equity
The Company announces that, at the General Meeting held earlier today, all resolutions were duly passed.
Further to shareholder approval at this meeting, the Company is pleased to announce the issue of 4,857,142 new ordinary shares as follows:
* 2,857,142 ordinary fully paid shares at an issue price of A$0.35 per share pursuant to the prospectus; and * 2,000,000 ordinary fully paid shares at an issue price of A$0.20 per share pursuant to the placement.
Following the issue of equity, which represents 3.19 per cent. of the Company's enlarged issued ordinary share capital, the Company will have an issued ordinary share capital of 152,473,256 ordinary shares. As the Company does not hold any ordinary shares in Treasury, its total number of voting rights equals its capital. 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 to their interest in the Company under the FSA's Disclosure and Transparency Rules.
For further information please visit www.redemperorresources.com or contact:
Red Emperor
Greg Bandy +61 8 9225 2826
Cairn Financial Advisers LLP (Nominated Adviser)
Jo Turner +44 20 7148 7900
Tony Rawlinson
Old Park Lane Capital plc (Broker)
Luca Tenuta +44 20 7493 8188Michael ParnesTavistock CommunicationsPaul Youens +44 20 7920 3150Ed PortmanBackground
Red Emperor Resources NL is a natural resources exploration company with interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Western Australia.
* In Puntland, Red Emperor holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys in 2011. These two exploration areas cover nearly 40,000km2 and have independently been assessed to potentially contain over 19.9 billion barrels of oil in-place. Red Emperor's joint venture partner and PSA operator Africa Oil Corp. has signed a letter of intent with a drilling subcontractor and expects the first well to be drilled in Dharoor in Q3, 2011. * In the Republic of Georgia, Red Emperor has a 20% working interest in onshore blocks VIa and VIb, covering approx. 6,500km2. Partner Range Resources Ltd last year funded a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oilâ€"inâ€"place (on a mean 100% basis). Two wells are to be drilled this year as part of the proposed drill program. * The Company also has a 25% interest in the Jillewarra Project free carried until bankable feasibility study, which is a copper and gold project in Western Australia.
Related Shares:
RMP.L