Richland (AIM: RLD), as announced previously, became an AIM Rule 15 Cash Shell on
As such, the Company was required to either make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) or become an investing company pursuant to AIM Rule 8 (either being, a 'Re-admission Transaction'), within six months from
To date, Richland has not consummated such a Re-admission Transaction and accordingly trading in the Company's common shares has been suspended with effect from
Admission to trading on AIM of the Company's common shares will be cancelled pursuant to AIM Rule 41 if a Re-admission Transaction is not completed within a further six month period from today, being the suspension date, to rectify the reason for the suspension.
The Board has now identified a suitable opportunity and is currently in late-stage discussions with respect to a potential reverse takeover transaction in the mining sector, in line with its stated strategy, and anticipates being able to enter into such a transaction in the short term (the 'Potential RTO Transaction'). The Potential RTO Transaction involves the acquisition of majority interests in, and operatorship of, four gold exploration projects in North and
Whilst negotiations in respect of the Potential RTO Transaction are at an late-stage, there can be no guarantee that the Company will be able to secure and subsequently complete the Potential RTO Transaction or any alternative Re-admission Transaction and consequently be re-admitted to trading on AIM.
Contact:
Tel: +66 81 854 1755
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
(C) 2020 Electronic News Publishing, source