Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Expansive and newly popular Xtract Resources (XTR) is poised to make another acquisition, this time of an as yet unnamed South African gold producer capable of delivering 60,000 oz. to 100,000 oz. a year, according to chief executive officer Jan Nelson. Shares in Xtract, highlighted here in April at 0.25p, have bounced from a barely-visible 12-month low of 0.07p to 0.41p, as the company has increased potential resources in and around its three-year Chepica copper and gold project in Chile, and Nelson, ex-boss of Pan African Resources, declares the proposed acquisition, which would involve issuing shares, could ‘seriously transform’ the IM-quoted company’, now valued at £26.25 million.
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