Shares Rip on LOI Announcement to Create Leading Canadian Explorer of Strategic Metals

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, September 5, 2024

With a combined entity owning or having interests in 28 projects covering approximately 493,000 hectares, this firm has considerable exposure to potential uranium, lithium, nickel, copper and gold discoveries. And shares are moving considerably higher in Thursday trading.

Greenridge Exploration Inc. (CSE: GXP) and ALX Resources Corp. (TSXV: AL) (OTC: ALXEF) announced in a press release today the signing of a non-binding letter of intent dated September 4, 2024, pursuant to which Greenridge will acquire all of the outstanding and issued common shares of ALX.

This proposed transaction is an arm’s length transaction to create a leading Canadian uranium exploration company with interests in 15 uranium exploration projects totaling approximately 276,000 hectares across renowned Canadian uranium districts, including the Athabasca Basin, Thelon Basin and Elliot Lake. The combined entity will have interests in an additional 13 lithium, nickel, gold and copper properties across Canada.

Shares of both Greenridge and ALX were trading higher in heavy morning activity.

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