Australia's Torque Metals soars on takeover offer for Aston Minerals

Aston Minerals

28/01/2025 24:50

** Shares of Torque Metals  TOR.AX  rise 20.7% to A$0.07
after the explorer said it would acquire Aston Minerals  ASO.AX 
in an all-share transaction
    ** Torque Metals rose as much as 24.1% earlier in the day, 
hitting its highest level since Oct. 31
    ** Aston Minerals shares surge up to 60% to A$0.016,
touching their highest level since Sept. 30
    ** Merger will see Torque and Aston shareholders each own
50% of the merged entity
    ** Torque will offer 1 Torque share for every 5.2 Aston
shares, representing an offer price of A$0.01 per Aston share
    ** Offer price is same as Aston's last close
    ** TOR up 9.4% this year, as of last close, while ASO up
11.1%

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))