11th Apr 2014 06:29
LONDON (Alliance News) - Xtract Resources PLC said Friday that it will not proceed with the acquisition of the Namakwa Uranium Deposit project in South Africa after due diligence showed that the prospect did not meet its investment criteria.
The multinational energy holding company said that after completing its due diligence testing on the Namakwa project, the board has concluded that the project does not meet its investment criteria and will therefore not be proceeding with the acquisition.
The news comes after Xtract extended its agreement with with Aardvark Uranium Ltd on the possible acquisition last month, in order to complete its due diligence investigations. Xtract had signed an exclusive option agreement for the potential Namakwa acquisition back in November.
Shares in Xtract last traded at 0.225 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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