Beacon Minerals (ASX:BCN) signed an agreement to sell 51.3 million Maximus Resources (ASX:MXR) shares, equating to an 11.99% stake, to Astral Resources (ASX:AAR) in exchange for 24.5 million Astral shares, according to a Tuesday filing with the Australian bourse.
The shares will be exchanged at a ratio of one Astral share for every 2.098 Maximus shares, the filing said.
Under the deal, Beacon will retain a call-back option to repurchase the shares under specific terms.
Following the sale, Beacon will hold a 7.72% interest in Maximus, or 33 million shares, and will assess options for its remaining stake, the company said.
Shares of Astral Resources fell nearly 4% in recent Tuesday trade.
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