Brief: Astro Resources Says It Will Spin-Off Its Diamond Project

Venari Minerals NL

14/01/2022 10:52

Jan 14 (Reuters) - Astro Resources NL  ARO.AX :
    * MARKET UPDATE INCLUDING DIAMONDS SPIN-OFF-ARO.AX
    * TO SPIN-OFF ITS DIAMOND PROJECT AND ENTITLEMENT OFFER TO
BE
GIVEN TO ASTRO SHAREHOLDERS IN IPO
    * IN DISCUSSIONS WITH A NEVADA-BASED GOLD EXPLORATION
COMPANY
REGARDING A POTENTIAL STRATEGIC ALLIANCE
    * SPIN-OFF WILL OCCUR VIA ASTRO'S RECENTLY INCORPORATED
SUBSIDIARY, ARGYLE RESOURCES
    * INTEREST BEING SHOWN BY VARIOUS PARTIES IN GOVERNOR BROOME
PROJECT
    * ASTRO WILL RETAIN A MINORITY SHAREHOLDING IN ARGYLE
    * PLANNING TO COMPLETE & FINALISE IPO, INCLUDING
FUND-RAISING
PROCESS BY END OF QUARTER 2/EARLY QUARTER 3 OF 2022 CY
    * TALKS HAVE INCLUDED A POTENTIAL STRATEGIC ALLIANCE WITH
PEDIMENT
GOLD LLC,
    * LIKELY TERMS OF DEAL WITH PEDIMENT INVOLVE CO CONTRIBUTING
US$1.5 MILLION OVER 2 YEARS TO EARN A 70% INTEREST IN A JV

Source text for Eikon:  ID:nASX8gwKKC 
Further company coverage:  ARO.AX 

 ((Reuters.Briefs@thomsonreuters.com;))