The trading week may be coming to a close, but investors are going to continue to keep an eye on stocks to track, and this morning the MineralRite Corporation (OTC: RITE) stock could be one of those. On Thursday, the company was in significant focus after it made a key announcement about two major acquisitions.
New Subsidiaries
The company came into focus after it announced that it had completed definitive agreements pertaining to the acquisition of a pair of subsidiaries. The two subsidiaries would together hold four mineral assets of the company that had previously been known as NMC Inc. In the news release, MineralRite Corporation also noted that the execution of the above-mentioned agreement concluded the transaction that it had entered back on December 31, 2024.
Things to Consider
At this point it is going to be interesting to see if the stock gets any traction this morning. NMC had previously been a publicly listed company, and following the acquisition of the two subsidiaries, MineralRite Corporation would get hold of assets worth as much as $432 million. The transaction was completed through the issuance of a total of 6.9 million shares and the assumption of liabilities worth $5 million.
Management Quote
Even though the mineralization on the mining claims appears significant in the historical exploration reports, the properties will be considered “Exploration Stage Properties” under the SEC Rules, pending formal review of prior reserve valuations and updated reports—consistent with the Committee for Reserves International Reporting Standards (“CRIRSCO”) and compliant with the SEC rules for Property Disclosures for Mining Registrants. As exploration stage properties with no publicly stated qualified mineral reserves, these three assets will initially be held at a net $0 value on the company’s books.
