Mayur Resources (ASX:MRL) enters trading halt ahead of TSX spin out

• Mayur Resources (MRL) has placed its shares in a trading halt as it prepares to list its copper and gold assets on the TSX
• The company will float its Papua New Guinea projects on the Toronto Stock Exchange via a reverse takeover transaction (RTO) of XIB | Capital Corp
• Mayur has already raised $2 million in capital for the RTO and agreed to acquire two privately-owned companies that hold gold assets in PNG
• Meantime, today’s trading halt has been implemented so it can raise more equity, with MRL previously stating it would raise an additional $5 million in capital for the transaction
• Shareholders will still have to wait until November 17 to find out the exact details of this latest equity raise
• Before today’s trading halt came into effect, the company’s shares were trading for 41.5 cents each

Mayur Resources (MRL) has placed its shares in a trading halt as it prepares to list its copper and gold assets on the TSX Venture Exchange.

The company plans to list its Papua New Guinea based projects on the Toronto Stock Exchange via a reverse takeover transaction (RTO) of XIB | Capital Corp.

In return for consolidating its assets into XIB, Mayur will receive shares in the business as well as the ability to appoint a new leadership team and implement a name change to Adyton Resources Corporation.

As part of the spin-out, MRL has also signed definitive agreements to acquire Ballygowan and Pacific Arc, two privately-owned companies that hold gold assets in PNG.

Additionally, Mayur has successfully raised $2 million as part of an initial RTO capital raising condition, with at least $5 million expected to be raised all up.

Today’s trading halt has been implemented so the company can carry out a capital raise, but investors will have to wait until Tuesday, November 17 to find out the exact details.

“The level of demand from investors to date has been substantial and we expect the next phase of the capital raise once initiated, to close in a timely manner,” Mayur Managing Director Paul Mulder said.

“The spin out of the copper and gold assets is the first of potentially many other realisation and disaggregation strategies the company is considering, thereby validating the Mayur value creation model,” he added.

Before today’s trading halt came into effect, the company’s shares were trading for 41.5 cents each on November 12.