![]() ![]() The company will provide further particulars on the assets to form part of the IPO as plans for the proposed spin-off progress. This IPO is subject to Argyle meeting the conditions of admission set by the ASX. The company plans to complete and finalise the IPO, including a fund-raising process by the end of the second quarter/early third quarter of 2022. It is envisaged that the spin-off will occur via Astro’s recently incorporated subsidiary, Argyle Resources Ltd.Īstro shareholders would be provided a priority allocation in the IPO while the company would retain a minority shareholding in Argyle, based on the value of its East Kimberley project. The board believes that the spin-off into a special purpose vehicle dedicated to diamonds, with a clear focus and its own management team, is in the best interests of Astro’s shareholders. The company has also been approached by third parties in relation to funding, joint-venture opportunities and the possible sale of the Governor Broome Project.Īstro Resources has also been granted a trading halt today pending the release of an announcement. Planning is also progressing for the drill program to update the Jack Track resource, which sits within the company’s Governor Broome Mineral Sands project in WA. Astro Resources NL (ASX:ARO) has updated the market on its activities, including plans to spin off its diamond assets comprising its East Kimberley project and a collection of other projects in Australia and potentially overseas, via an initial public offering (IPO) on the Australian Securities Exchange.įurther, the company is in talks with Pediment Gold LLC, a wholly-owned subsidiary of Nevada Exploration Inc, for a potential strategic alliance, to work together to identify, review and advance epithermal gold targets in Nevada.
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