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Hammer Metals Limited (ASX:HMX)

ALERT: Price-sensitive ASX Announcement for HMX
Current share price for HMX : $0.063 0.009 (15.60%)+
Announcement
Release
7 Jul 2026 8:23AM
Price at Release
$0.055
Full Release
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Summary
Hammer Metals Limited received an unsolicited, non-binding, and indicative proposal from Austral Resources to acquire 100% of its issued capital through a scheme of arrangement. This proposal includes the demerger of Hammer's Western Australian gold assets into a separate entity, SpinCo. Austral offers $0.080 per Hammer share in new Austral shares and an additional $0.007 per share value in SpinCo shares. Austral also proposes a $5.0 million working capital facility for Hammer. The proposal is conditional upon completing due diligence and the execution of necessary transaction documents. The Hammer Board has deemed the proposal a bona fide competing proposal and plans to engage in discussions with Austral, while still initially recommending the Larvotto Scheme to shareholders.
Key Points
  • Hammer Metals Limited received an unsolicited, non-binding proposal from Austral Resources.
  • Austral proposes to acquire 100% of Hammer's issued capital via a scheme of arrangement.
  • The proposal includes a demerger of Hammer's Western Australian gold assets.
  • Austral offers $0.080 per Hammer share in new Austral shares and $0.007 per share in SpinCo shares.
  • Austral proposes a $5.0 million working capital facility for Hammer.
  • The proposal is conditional on due diligence and execution of transaction documents.
  • The Hammer Board considers the proposal a bona fide competing proposal.
  • The Hammer Board remains committed to the Larvotto Scheme but will engage with Austral due to fiduciary duties.
  • Hammer shareholders are advised not to take any action yet.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.