Red Emperor Resources NL - West Perth, Australia-based AIM cash shell - Says it had AUD4.0 million in cash at end of first quarter of 2021, in a "strong" financial position.
"This will be sufficient to fund corporate costs well into 2021 and also facilitate the completion of the proposed acquisition and satisfaction of the costs associated with the re-compliance with chapters 1 and 2 of the ASX Listing Rules," company says.
Back in March firm said it was buying Great Northern Palladium Pty Ltd, which owns 80%, and holds an option over the remaining 20%, of Panton Sill Pty Ltd, the holder of the Panton platinum group metals project in the Kimberley region of Western Australia. All equity consideration of AUD17.5 million - about GBP9.8 million - to be paid to Great Northern Palladium's shareholders.
Red Emperor shares to be delisted from AIM on May 19 and is targeting re-admission to AIM for the enlarged entity around July.
Current stock price: 0.76p, suspended
Year-to-date change: down 27%
By Lucy Heming;Â lucyheming@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.