Cerrado Gold Completes Acquisition of Ascendant Resources

Ascendant Resources Inc ( (TSE:ASND) ) just unveiled an announcement.

Cerrado Gold Inc. has successfully completed the acquisition of Ascendant Resources Inc., making Ascendant a wholly owned subsidiary. This strategic move is expected to enhance Cerrado’s market position by consolidating its resources and expanding its operational capabilities. The transaction involves the exchange of Ascendant shares for Cerrado shares, and the delisting of Ascendant from the TSX is anticipated. Rui Santos, a prominent figure in the mining sector, has been appointed to Cerrado’s board, bringing extensive experience and expertise to the company.

The most recent analyst rating on (TSE:ASND) stock is a Buy with a C$0.30 price target. To see the full list of analyst forecasts on Ascendant Resources Inc stock, see the TSE:ASND Stock Forecast page.

Spark’s Take on TSE:ASND Stock

According to Spark, TipRanks’ AI Analyst, TSE:ASND is a Underperform.

Ascendant Resources Inc. faces significant financial challenges with a distressed income statement, balance sheet, and cash flow position, severely impacting its overall score. However, positive technical trends and promising corporate events, such as the strategic acquisition by Cerrado Gold Inc., offer potential upside. The company’s valuation remains a concern with a negative P/E ratio, but the strategic developments could lead to improved financial health and market position in the future.

To see Spark’s full report on TSE:ASND stock, click here.

More about Ascendant Resources Inc

Ascendant Resources Inc. operates in the mining sector, focusing on the exploration and extraction of mineral resources. The company has been involved in various mining projects, particularly in regions such as Portugal, Angola, Brazil, and East Timor.

Average Trading Volume: 197,089

Technical Sentiment Signal: Hold

Current Market Cap: C$17.41M

For a thorough assessment of ASND stock, go to TipRanks’ Stock Analysis page.