Astral Resources expands with strategic acquisition

Astral Resources NL (ASX:AAR) has acquired a 19.99% stake in Maximus Resources Limited (ASX:MXR). The acquisition is part of a proposed corporate transaction, with Astral submitting a non-binding proposal to acquire all remaining shares of Maximus. The offer is priced at 7.0 cents per share, promising a significant premium to Maximus' current share price.

Comprehensive summary of the Astral-Maximus transaction

Astral Resources NL has successfully acquired a 19.99% stake in Maximus Resources Limited, marking a pivotal step in their proposed acquisition plan. The transaction offers a 56% premium over Maximus' last closing price and a 61% premium over its 30-day VWAP. An Exclusivity Deed is in place until January 2025, and the deal is subject to due diligence and regulatory approvals. If completed, the merger will expand the combined mineral resources inventory to approximately 1.8 million ounces, enhancing liquidity for shareholders and negating immediate capital-raising needs. The transaction adheres to established merger protocols and is guided by financial and legal advisors from both companies. Forward-looking statements in the announcement highlight potential risks and do not guarantee future performance.

Executive commentary on strategic acquisition

The acquisition presents a compelling opportunity for both Astral and Maximus shareholders. It aligns with our strategic goals and enhances our mineral resources inventory significantly. It also provides Maximus shareholders with a premium and liquidity without immediate capital-raising needs.