Sophisticated investors in Red Emperor feeling smug

The share price of Red Emperor Resources, which has doubled in the last month, got another shot in the arm as the company revealed it finished 2011 sitting on a pot of cash.

The share price of Red Emperor Resources, which has doubled in the last month, got another shot in the arm as the company revealed it finished 2011 sitting on a pot of cash.

Cash and cash equivalents in the second half of 2011 rose from from $0.22m to $4.68m, reflecting successful fund raising operations, though the cash pile was down from $7.94m at the end of 2010. The company raised $6.32m in December through a placing of shares at 11p each to "sophisticated investors".

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.