Beacon Minerals Limited (ASX: BCN) entered into a Share Sale Agreement to sell 51,308,530 shares, representing an 11.99% interest, in Maximus Resources Limited (ASX: MXR) to Astral Resources NL (ASX: AAR). In return, Beacon will receive 24,455,924 shares of Astral at an exchange ratio of one Astral share for every 2.098 Maximus shares. Based on Astral's closing price of AU$0.15 per share on 27 December 2024, this transaction aligns with Beacon's strategy to concentrate on its Jaurdi Gold Project.
The sale supports Beacon's strategic shift following the acquisition of the Lady Ida Project, which has added significant nearby resources. A pre-feasibility study for the Lady Ida Project is expected in the first quarter of 2025, along with Beacon's ore reserve statement. Additionally, the agreement provides Beacon with a 12-month callback option to repurchase the Maximus shares under particular takeover or scheme conditions. This transaction enhances Beacon's focus on long-term gold production while maintaining strategic flexibility.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
