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MinRex Resources Limited ( (AU:MRR) ) just unveiled an update.
MinRex Resources Limited has secured an ASX waiver from Listing Rule 7.1 to facilitate its planned acquisition of Canadian-listed Electrum Discovery Corp. via a court-approved plan of arrangement under British Columbia corporate law. The waiver allows MinRex to issue shares to Electrum securityholders as consideration for the merger without requiring separate MinRex shareholder approval or using up its placement capacity, provided the deal does not constitute a reverse takeover, thereby reducing transaction conditionality, cost and timeframe and aligning the treatment of this foreign scheme with that of an equivalent Australian scheme of arrangement.
The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.
More about MinRex Resources Limited
MinRex Resources Limited (ASX: MRR) is an Australia-listed resources company operating in the mining and exploration sector, with its strategy including growth through corporate transactions such as mergers and acquisitions of other listed exploration companies.
Average Trading Volume: 2,979,334
Technical Sentiment Signal: Buy
Current Market Cap: A$23.87M
Learn more about MRR stock on TipRanks’ Stock Analysis page.