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Rex Resources Corp. ( (TSE:OWN) ) has shared an update.
Rex Resources Corp. has announced a letter of intent to acquire Bathurst Metallic Corp., a subsidiary of Bathurst Holdings Inc., through a reverse takeover. This transaction aims to make Bathurst Metallic a wholly-owned subsidiary of Rex Resources, positioning the company as a Tier 2 Mining Issuer on the TSX Venture Exchange. The acquisition will enhance Rex’s market position by incorporating Bathurst’s mining projects in New Brunswick, which include the Halfmile Mine and Stratmat deposit, both rich in polymetallic resources. The transaction is expected to strengthen Rex’s operational capabilities and expand its asset base, potentially benefiting stakeholders by increasing the company’s resource portfolio and market presence.
Spark’s Take on TSE:OWN Stock
According to Spark, TipRanks’ AI Analyst, TSE:OWN is a Underperform.
Rex Resources Corp. is currently in a challenging financial position, with significant profitability and cash flow issues. Technical indicators suggest a continued bearish trend, and unfavorable valuation metrics further weigh on the stock. While corporate events such as board changes and share consolidation may provide some strategic direction, the company’s core financial difficulties remain the primary concern.
To see Spark’s full report on TSE:OWN stock, click here.
More about Rex Resources Corp.
Rex Resources Corp. operates in the mining industry, focusing on acquiring and managing mining assets. The company is involved in exploring and developing mineral resources, with a particular interest in polymetallic deposits.
Average Trading Volume: 21,606
Technical Sentiment Signal: Sell
Current Market Cap: C$613K
Find detailed analytics on OWN stock on TipRanks’ Stock Analysis page.