Red Leopard Holdings Regulatory News (RLH)

 16 February 2018

Red Leopard Holdings Plc

("Red Leopard" or the "Company")

Update on Proposed Acquisition

Cancellation of trading on AIM

On 18 August 2017, Red Leopard, the AIM quoted company, announced that it had entered into an assignment agreement (the "Agreement") with Capital Resources Inc. ("Capital") and Sloane Energy Group Limited ("Sloane"), which was at the time in the process of acquiring a coal mining project near La Loma, in the Department of Cesar, Republic of Colombia, known as La Luna (the "Project"). The Agreement contemplated that, subject to the satisfaction of certain conditions, Red Leopard would acquire the Project in consideration for the issuance of new ordinary shares with a minimum value of $180 million in the Company (the "Proposed Acquisition"). As the Proposed Acquisition would have constituted a reverse takeover pursuant to AIM Rule 14, trading in the Company's shares was suspended pending the publication of the required AIM Admission Document and shareholder approval of the Proposed Acquisition.

The Company is pleased to report significant progress in advancing the transaction, including substantial work on the legal and financial due diligence and obtaining the necessary Competent Persons Report on the Project. However, conclusion of the Proposed Acquisition will take longer than originally envisaged and will not be completed by 19 February 2018 (the date on which trading in the Company's shares will be cancelled by AIM) principally due to the complex nature of a project of this size.

The Directors believe the Proposed Acquisition, if completed, would be transformational for the Company and its shareholders and will continue to work closely with Sloane, Capital and their respective advisers to complete the necessary documentation to execute the Proposed Acquisition. It is contemplated that completion of the Proposed Acquisition will be conditional on the Company undertaking an IPO, with a view to being admitted to trading on AIM in conjunction with the execution of a simultaneous fundraise, the proceeds of which are intended to be used to finance the development of the enlarged group going forward. The Company is committed to completing the Proposed Acquisition and seeking admission to AIM as soon as practicable.

In accordance with AIM Rule 41, cancellation of the admission of the Company's ordinary shares on AIM will become effective from 7.00am on 19 February 2018.

The board would like to take this opportunity to thank the Company's shareholders for their patience and will update them further as soon as possible.

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

Hannam and Partners (Joint Broker) Tel: +44 (0)20 7907 8500

Andrew Chubb/ Ingo Hofmaier

Peterhouse Corporate Finance Limited (Joint Broker) Tel: +44 (0) 20 7469 0930

Lucy Williams

Eran Zucker

La Luna Project

The Project is a thermal coal resource in the Cesar region of Colombia with compelling export economics. The concession is located immediately adjacent to Drummond Ltd's El Descanso Norte mine and close to the operating mines of La Francia and El Hatillo (Murray Energy) and Calenturitas (Glencore Plc).

SRK Consulting (UK) Limited ("SRK") prepared a Mineral Resource Statement in accordance with the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") guidelines and a report in accordance with the Canadian Securities Administrators' National Instrument 43-101 in 2013 which reviewed the drilling operations. This included 33 Openholes (Tricone) for approximately 12,000m of drilling - of these 28 holes were geophysically logged using density, gamma, calliper, dipmeter and verticality tools (approximately 10,600m logged openhole); and 15 cored boreholes for approximately 4,000m of core drilling which were also logged. The initial report estimated a total resource base for possible future extraction by both open pit and underground methods of ~130Mt of coal on a Measured, Indicated and Inferred Resource basis with a gross calorific value of approximately 11,800 btu/lb, split as follows:

The Company has appointed SRK to prepare a Competent Persons Report on the Project which will be included in the AIM admission document.