Cannindah Resources' (ASX:CAE) share price which raced up from $0.01 to a high of $0.049 last week, has told the ASX it was not aware of any reason for the gain - other than it was looking at an asset acquisition in the Australia - China consumer markets.
This was flagged in November. Assets which are producing or supporting products that can predominantly be marketed into Hong Kong and China are in high demand acrosss the region.
The company owns the Mt Cannindah copper project in Queensland and is known to be in discussions regarding the asset.
Aquis Finance Pty Ltd provided a $2 million facility to Cannindag, which is backed by the Fung family of Hong Kong and is supportive of a diversification.
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