The parcel of 51,308,530 of Maximus shares (equating to an 11.99% interest in Maximus) will be sold by Beacon to Astral in exchange for 24,455,924 fully paid ordinary shares in Astral. An exchange ratio of one (1) Astral share for every 2.098 Shares in Maximus.
Astral shares closed at $0.15 per share on Friday, 27 December 2024.
The sale of the MXR shares to AAR is 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 closer to Jaurdi and a change in focus.
Beacon has recently released its mineral resource estimate at the Iguana Deposit. A pre‐feasibility study at the Lady Ida Project expected to be released in the first quarter of 2025, after Beacon announces its ore reserve statement.
Pursuant to the Share Sale Agreement with Astral, subject to completion of the purchase of the shares by Astral, Astral has agreed to grant Beacon a call back option to purchase the 51,308,530 Maximus shares (“Call Back Option”) on the following terms:
Following completion of the Share Sale Agreement, Beacon will hold 33,031,433 shares (equating to a 7.72% interest) in Maximus and will review options for the remaining shareholding.
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