Shareholder derails RMA Energy deal

RMA Energy has received notification from Singapore-based Bounty Resources International that it wishes to defer its $1.8M Placement with RMA to investigate claims made against RMA by an individual shareholder.

Australian resource company RMA Energy has received notification from Singapore-based Bounty Resources International that it wishes to defer its $1.8M Placement with RMA for a matter of weeks to investigate claims made against RMA by an individual shareholder in recent weeks.

As announced on 2 April 2009, RMA shareholders unanimously supported the $1.8M share placement to Bounty — 184,072,360 votes for, none against.

As per the agreement, Bounty had five business days subsequent to the meeting to complete the transaction.

Managing Director Clive Triplett said “this individual shareholder action is an obvious attempt to derail the shareholder-approved placement and undermine more than 18 months of meaningful discussions between RMA and a strategic Asian investor, which is very disappointing.”

“Bounty has advised RMA that it fully intends to proceed with the Placement as approved, however, it requires the transaction to be deferred for a short period to allow it to complete its own investigation into the claims made against the Company by this shareholder,” Triplett said.

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