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Extract Resources Jumps Nearly 5% after Minority Shareholder Receives Buyout Proposal

Extract Resources Ltd (EXT.TO) is ahead nearly 5% this morning at $8.65 a share and the company advising its shareholders to take no action at this time regarding the recently announced deal between Taurus Mineral Ltd and Kalahari Minerals plc, a 42.74% stakeholder in Extract.

In announcing the bid for Kalahari, Taurus -- owned by CGNPC Uranium Resources Co. Ltd. and The China-Africa Development Fund -- said it intends to make a downstream offer of A$8.65 per share for Extract share, provided it acquires at least 50% of Kalahari voting stock.

Extract today said it was not involved with the negotiations between Kalahari and Taurus, adding it also did not negotiate the downstream offer price. Independent director currently are examining the Taurus offer as well as any alternatives to maximize shareholder value.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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