Red Emperor Resources NL has completed the issue of 7,500,000 fully paid ordinary shares to raise gross proceeds of $2,250,000. The new shares relate to unlisted options exercisable at 30c which expired on 30 June 2012.
Funds raised from expiring options will be used for expenditure on its Projects and general working capital. Application has been made for the resulting 7,500,000 new ordinary shares to be admitted to trading on AIM.
The Directors had been interested in a total of 4,500,000 options which lapsed unexercised, comprising: Greg Bandy (3,000,000), Jason Bontempo (1,000,000) and Stephen Brockhurst (500,000). No economic benefit accrued in favour of the Directors as a result of this procedure.