Astral Proposes Takeover of Maximus Resources with 7c per Share Offer

In the latest movement within Australia's junior gold sector, Astral Resources has launched a non-binding bid to acquire Maximus Resources through an all-scrip, off-market takeover for 7c per share. This move aims to combine their gold assets in the Kambalda region, potentially creating a powerhouse with approximately 1.8Moz in gold assets. Maximus, a $19 million company, holds the Wattle Dam gold project, while Astral boasts projects near Goldfields town. The offer constitutes a 56% premium over Maximus's recent share price. With a non-binding agreement in place, Maximus's board agreed to exclusive negotiations and due diligence. The acquisition includes a strategic 19.99% stake Astral bought from Beacon Minerals and Colin Petroulas through a share exchange. The merger is part of the ongoing M&A trend, including major efforts like Northern Star's acquisition of De Grey Mining. Astral's Mandilla project has caught institutional interest, evidenced by a recent $25 million capital raise. Its attractive financial metrics and substantial gold reserves position it well in the gold market.