The acquisition by Astral Resources NL of Maximus Resources Ltd has gained further momentum with Beacon Minerals Ltd selling to Astral its remaining 33,031,433 shares in Maximus.
As of February 26, Astral held 277,374,516 Maximus shares, which is equivalent to a 63.9% stake.
On December 31, 2024, Beacon sold 51,308,530 Maximus shares, equating to an 11.99% interest in Maximus, to Astral in exchange for 24,455,924 fully paid ordinary shares in Astral.
The exchange ratio for this transaction was one Astral share for every 2.098 Maximus shares.
Remaining shares sold
Beacon has subsequently sold its remaining 33,031,433 shares in Maximus to Astral on the basis of one Astral share for every two Maximus shares.
The shares in AAR are expected to be issued by no later than March 10, 2025.
With the sale of all of Beacon’s Maximus shares, Graham McGarry resigned from the board of Maximus Resources on February 25, 2025.
Beacon said that the sale of the MXR shares to AAR was consistent with Beacon’s focus on establishing a long-life gold operation at the Jaurdi Gold Project.
The acquisition of the Lady Ida Project has seen a significant increase in resources close to Jaurdi and a change in focus.