Red Emperor improves first-half pre-tax loss

Red Emperor has posted a first-half pre-tax loss of $274,948, which is a substantial improvement on the impairment-laden loss of $8.5m a year previously.

The company booked nil impairment expense in the just-ended six-month period, versus $7.7m a year earlier.

"The Board of Red Emperor have been particularly active during the period and made an offer to acquire a US based exploration company with assets in the US," the company said.

It added that talks were very well advanced and while they did not result in a transaction, both parties continued to engage with one another.

Red Emperor was presently in separate negotiations with a potential strategic partner regarding both financing and asset participation.

It said the focus of these discussions has been on opportunities in the US.

At 10:29 GMT, shares in Red Emperor were flat at 1.42p each.