Nathan Tinkler’s receivers have unloaded the struggling mining mogul’s largest remaining mining asset.
Aeon Metals has acquired Tinkler’s Aston Metals which had interests in four Queensland exploration projects in a complex deal estimated to be worth about $27 million plus options.
The deal includes a $20 million non-recourse loan secured over Aston Metals, plus 45.275 million Aston shares at $0.145 a share and $10 million worth of options.
Aeon managing director Hamish Collins was the former CEO of Aston Metals, commenting on the deal he said the addition of Aston’s Walford Creek project and Mt Isa tenement package will increase Aeon’s scale and long-term growth potential.
“The resources industry is all about market timing and quality of asset base – this transaction has both of these attributes,” he said.
“This is a major deal for a junior like us and will transform Aeon into a premier base metals focussed company.”
Aston was placed into receivership in September 2013 and went into voluntary administration in November.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.