Two micro-cap explorers received late Christmas presents yesterday, experiencing big share price bumps after announcing their respective backdoor listings of undeveloped gold projects.
Perth-based Narhex Life Sciences rose 0.2ï¿½, or 40 per cent, to 0.7ï¿½ on heavy volumes after announcing a deal to acquire an 80 per cent stake in a Liberian gold and diamond project held by private company Golden Saint Australia.
Golden Saint is set to become the biggest shareholder in Narhex.
The backdoor listing of Golden Saint remains subject to due diligence, a capital raising and Narhex shareholder support.
Golden Saint could end up with just a little less than 50 per cent of Narhex, provided Narhex proves up a JORC resource of three million ounces of gold, at an average grade of less than 2 grams a tonne, at the Liberian project.
Narhex, which had been focused on the development of an anti-HIV drug, recapitalised in March last year to look for alternative investment opportunities.
Shares in fellow junior Stratum Metals also enjoyed a day in the sun, soaring 4.5Â¢, or 36 per cent, to 17Â¢ after announcing a deal to acquire the Good Enough gold deposit and 86sqkm of surrounding land near Menzies, north of Kalgoorlie-Boulder.
Stratum bought the asset from private company Resource Assets for $1.4 million, an allotment of seven million shares at 25Â¢ each and two parcels of 250,000 options, convertible at 25Â¢ and 35Â¢ respectively. Resource Assets directors include Jamie Mazza and Ashley Johns.
Stratum paid a further $300,000 and issued 5.74 million at 25Â¢ to private entity Riqo for a separate parcel of land.
Stratum, valued at $4.6 million, said that based on previous activity a proportion of the existing resource could be extracted at a cash cost of $1112 an ounce.
Gold was last night trading at $1597.92 an ounce in Australian dollar terms.