Most investors are expected to look into those companies that had been in the news yesterday, and hence, it is likely that the Greenridge Exploration Inc. (OTC: GXPLF) stock could be in focus. The company made an announcement with regards to a key acquisition yesterday, and in this feature, we look into the key details.
ALX Acquisition Completed
The company announced that it had successfully completed the acquisition of ALX Resources that had been previously agreed and announced. The transaction was completed after Greenridge Exploration acquired all the outstanding and issued common shares in ALX Resources through a court-approved plan under the provisions of the Business Corporation Act.
Implications
The acquisition would have far-reaching implications for the company since it established Greenridge Exploration as the leading uranium exploration company in Canada. The company’s presence in the industry expanded to 15 uranium exploration projects, and that encompassed as much as 212,845 hectares spread across some of the best-known uranium deposit districts in Canada.
Additionally, the combined entity also held interests in copper, gold, and nickel and gold properties spread across Canada. The company noted that the acquisition was an exciting one and could help Greenridge Exploration in unlocking vast potential over the long term.
Key Quote
Russell Starr, Chief Executive Officer of Greenridge, commented, “We are very excited to announce the successful acquisition of ALX Resources. Moving forward, we are working to uncover the potential of our highly diversified project portfolio and continue to grow as a company. With the recently closed CAD $4.9m financing, we are in an excellent position to advance our projects in a meaningful way. Our bolstered management team will work with our partners, Denison Mines Corp. and Uranium Energy Corp., to develop our key properties. Greenridge is now positioned as a key uranium company in Canada with a diversified portfolio of highly prospective projects in critical minerals. This acquisition is a key step in our growth strategy, and we are committed to creating long-term value for our investors.”
