Aphrodite Gold Ltd's (ASX:AQQ) shares have jumped 42% to $0.034 by midday after the company outlined a merger with Spitfire Materials Ltd (ASX:SPI).
The new entity will have a gold resource of circa 1.3 million ounces, and with an exploration portfolio in Western Australia and Queensland, which will be led by the highly successful management team which founded Pilbara Minerals Ltd (ASX:PLS).
Under the deal, Spitfire has agreed to acquire all of the issued capital of Aphrodite that it does not already hold by way of a Scheme of Arrangement.
Spitfire currently holds a 10.38% stake in Aphrodite.
Company Name · Code · Last · Change · Volume
NMG Corporation Ltd · NMG · $0.010 · 66.67% · 752,270
Aphrodite Gold Ltd · AQQ · $0.034 · 41.67% · 10,728,223
Ennox Group Ltd · EXO · $0.004 · 33.33% · 125,000
Buxton Resources · BUX · $0.230 · 27.78% · 762,927
JCurve Solutions Ltd · JCS · $0.020 · 25% · 1,948,692
Digitalx Ltd · DCC · $0.041 · 24.24% · 3,847,127
Vector Resources Ltd · VEC · $0.011 · 22.22% · 17,778,807
Primary Opinion Ltd · POP · $0.042 · 20% · 28,557,990
Reffind Ltd · RFN · $0.012 · 20% · 12,361,538
Bard1 Life Sciences Ltd · BD1 · $0.012 · 20% · 1,527,181