Miranda Mineral Holdings, which changed its name from Proper Group, gained 11c or 55% to 31c.

SXR Uranium One, which replaced Aflease Gold & Uranium Holdings, traded almost 600c above the level that might have been expected after its merger and share consolidation, but on low volumes.

Miranda Minerals opened at 20c, which was the same as Proper’s closing price last Thursday.

The company has a portfolio of mineral rights, which it will sell to operators in return for a royalty fee.

Primary assets include the Rozynene Bosch base metals and silver project in Northern Cape; the Mooifontein magnesite deposit in the Burgersfort area of Mpumalanga; the Sterkfontein and Fraaiuitzicht alluvial platinum deposit in the same area; and the Nooitgedacht coal deposit in Mpumalanga.

Other assets include diamonds, clay, fluorspar and gold prospects.

Miranda planned to apply for a secondary listing on London’s Alternative Investment Market to access international investment markets, it said.

All the Aflease shares were acquired by Toronto-listed Southern Cross Resources and the company changed its name to SXR Uranium One. Simultaneously the shares were consolidated on a one-for-five basis.

Aflease ceased trading. The JSE is the entity’s secondary listing.

Aflease shareholders received 180 SXR shares for every 1000 Aflease they held. Aflease shares held by US investors in the form of American Depositary Receipts (ADRs) were replaced with SXR ordinary shares, with ADR holders receiving 180 new SXR shares for every 100 ADR they held.

The SXR shares were expected to trade at a similar value to Aflease shares, which closed at 595c last week. On a one-for-five consolidated basis, this was equivalent to R29,75 a share. But SXR Uranium One traded between R34 and R35,60 yesterday.