Gulf Resources, Inc. (NASDAQ:GURE) shares are trading lower by 10.4% to $1.08 during Friday’s session. The stock is trading lower, pulling back following Wednesday’s strength, after the company announced the signing of agreements to acquire crude salt fields.
What Happened?
Subsidiary Shouguang Hengde Salt Industry agreed to purchase crude salt fields in China for RMB280,762,000 (about USD $38,619,257). The acquisition involves 5 parcels totaling 5,141,000 square meters (approximately 1,270 acres).
80% of the payment (RMB224,609,600 or approximately USD $30,895,406) will be made in cash upon signing, with the remaining 20% paid in company shares within three months, post-inspection. ...
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