News: Naracoota Resources is cashed-up and on the acquisition trail

Naracoota Resources (ASX:NRR) has been a top performer in 2015, with its last share price of $0.057 around three-times higher than where is started the year.

The company has now been granted a trading halt by the ASX pending details of a potential acquisition.

Naracoota is well-funded with $3.7 million cash at bank end of June 2015, and with a market cap. of circa $8 million, the current enterprise value is just a tick over $4 million.

Recently the company said it had assessed multiple projects for acquisition, but these have not been limited to mineral exploration projects.

The halt will remain in place until the opening of trade on Tuesday 18th August 2015, or earlier if an announcement is made to the market.