Extract Resources Ltd said on Friday that it has sold a 10.3 percent stake to ITOCHU Corporation of Japan, with Polo Resources Ltd acting as the vendor by selling 9.2 percent of its stakes with the company while a Polo subsidiary party agreed to sell the remaining 1.1 percent.

As a result of the transaction, Polo would be left with no shareholding interests in Extract once the deal has been finalised though the acquisition is still subject for approval by Polo shareholders and the country's Foreign Investment Review Board.

The Perth-based uranium explorer said that they welcome ITOCHU's arrival on the share register as Extract chairman Stephen Galloway is upbeat that the Japanese firm's long history in the uranium market and operational experience in Namibia would deliver benefit for both the company and the industry.

Mr Galloway said that Extract has been focusing its exploration projects in Namibia and the company's major asset is its wholly owned Husab project, which presently boasts of two established uranium deposit areas in Rossing South and Ida Dome.

The company's Rossing South mining site is currently linked with the main Rossing uranium site, operated by Rio Tinto Ltd, which holds a 15 percent stake in Extract and making it as the company's second largest shareholder.

Also, Kalahari Minerals Plc, listed in London Alternative Investment Market, currently holds a total of 39.8 percent interests in Extracts, rendering it as the company's biggest investor which showed its muscle in early 2009 when it booted out then Extract's chairman on accusations of underperformance.

As of 1354 AEST on Friday, Extract stocks were trading at $7.00, gaining by 25 cents or 3.7 percent from the previous trading day.