Red Leopard suspended from trading ahead of reverse takeover
(ShareCast News) - Red Leopard reported on Friday that it had entered into an assignment agreement with Capital Resources and Sloane Energy as part of a reverse takeover.
According to the terms of the agreement, the AIM listed company was assigned the rights from a 'Memorandum of Understanding', between Capital and Sloane, for the potential acquisition of Colombian-based mining project 'La Luna'.
In exchange, the firm was to issue new ordinary shares with a minimum value of $180m.
Capital Resources had also committed to procure or provide a minimum of $20m to develop the project.
The funds were expected to form part of a larger fundraising undertaken in conjunction with the acquisition.
Given that the purchase constituted a reverse takeover, the company requested its shares be suspended from trading with immediate effect pending the publication of the required AIM admission document and shareholder approval of the acquisition.
The company's shares were flat at 0.24p by 11:39 BST.