TIDMRLH
RNS Number : 3467O
Red Leopard Holdings PLC
18 August 2017
7.30am 18 August 2017
Red Leopard Holdings Plc
("Red Leopard" or the "Company")
Potential Acquisition
Suspension of trading on AIM
Red Leopard, an AIM listed company focused on securing
acquisition opportunities in the natural resources sector, is
pleased to announce that it has entered into an assignment
agreement (the "Agreement") with Capital Resources Inc. ("Capital")
and Sloane Energy Group Limited ("Sloane") assigning to the Company
the benefit of a Memorandum of Understanding ("MOU") between
Capital and Sloane to acquire a coal mining project near La Loma,
in the Department of Cesar, Republic of Colombia, known as La Luna
(the "Project").
Under the terms of the Agreement, the Company has been assigned
the rights under the MOU, for the potential acquisition of the
Project from Sloane through the issuance of new ordinary shares
with a minimum value of $180 million in the Company (the
"Acquisition"). In addition Capital has committed to procure or
provide a minimum of US$20million to the Company to develop the
Project. The Company expects these funds would form part of a
larger fundraise undertaken in conjunction with the Acquisition. As
the Acquisition would constitute a Reverse Takeover pursuant to AIM
Rule 14, the Directors have requested that trading in the Company's
shares be suspended with immediate effect pending the publication
of the required AIM Admission Document and shareholder approval of
the Acquisition.
The Acquisition is subject, inter alia, to the completion of due
diligence, documentation, shareholder approval and compliance with
all regulatory requirements, including the AIM Rules and Takeover
Code.
Should the Company not complete the Acquisition or an
alternative acquisition pursuant to AIM Rule 14, trading in its
Ordinary Shares on AIM will, in accordance with AIM Rule 41, be
cancelled six months following the date of suspension.
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 to
that date. 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:
Measured 18.371
Mt
------------------ --------
Indicated 82.812
Mt
------------------ --------
Measured and 101.183
Indicated Mt
------------------ --------
Inferred Resource 28.836
Mt
------------------ --------
Total 130.0
Mt
------------------ --------
Source, SRK report
dated 21 January 2013
----------------------------
The Company has appointed SRK to prepare a Competent Persons
Report on the Project which will be included in the AIM admission
document.
Commenting, CEO, Toby Hayward said "I am delighted that we have
agreed to proceed with the parties to acquire the La Luna project.
This is a significant asset which, if the transaction proceeds,
will be transformational for the shareholders of Red Leopard."
The Directors believe the transaction would be in the best
interests of shareholders and will update shareholders in due
course. Whilst the Directors remain confident about successfully
concluding this transaction, there can be no guarantees.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information, please visit
www.redleopardholdings.comor contact:
Red Leopard Holdings PLC
Toby Hayward, Chief Executive Officer
Tel: +44 (0) 20 7917 6826
Beaumont Cornish Limited (Nomad)
www.beaumontcornish.com
Roland Cornish
James Biddle
Tel: +44 (0) 20 7628 3396
Peterhouse Corporate Finance Limited (Broker)
Lucy Williams
Eran Zucker
Tel: +44 (0) 20 7469 0930
Tavistock (Financial PR)
Simon Hudson
Edward Lee
Tel: +44 (0) 20 7920 3150
-ends-
Technical Glossary:
Mineral Resource: A Mineral Resource is a concentration or
occurrence of diamonds, natural solid inorganic material, or
natural solid fossilized organic material including base and
precious metals, coal, and industrial minerals in or on the Earth's
crust in such form and quantity and of such a grade or quality that
it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a
Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories. An Inferred Mineral
Resource has a lower level of confidence than that applied to an
Indicated Mineral Resource. An Indicated Mineral Resource has a
higher level of confidence than an Inferred Mineral Resource but
has a lower level of confidence than a Measured Mineral
Resource.
Thermal Coal : is also known as steam coal and may be used for
power generation and heating.
Openhole (tricone) : is a borehole which results from drilling
in hard rock using a tricone drilling bit. This may result in
fragments of rock or mineral being brought to the surface, which
can then be identified. The borehole is then usually geophysically
logged to identify the various types of rock.
Cored Hole: results from using a core barrel with a cutting edge
in a borehole to obtain a continuous sample of rock or mineral for
identification and analysis.
Geophysical Logging : is the recording and analysing
measurements of physical properties made in exploration boreholes.
Probes that measure different properties are lowered into the
borehole to collect continuous or point data that is graphically
displayed as a geophysical log.
Density, Gamma, Dipmeter, Calliper, and Verticality Probes :
measure, respectively, the density, natural gamma radiation, and
inclination of the adjacent rock or mineral, the borehole width and
its variation from the vertical plane.
Gross Calorific Value: is a measure of the heating value of
coal.
Open Pit Mining : utilises an excavation or cut made at the
surface of the ground for the purpose of extracting a mineral and
which is open to the surface for the duration of the mine's
life.
Underground Mining : is the mining and extraction of a mineral
underground having made accesses, usually vertical or inclined,
from the land surface.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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