Torque Metals Limited (ASX: TOR) has successfully implemented the schemes of arrangement to acquire all shares and options of Aston Minerals Limited (ASX: ASO). The merger, initially announced on May 28th and 29th, 2025, received court approval and has now been finalized. Aston Minerals’ securities were suspended from trading on May 29, 2025, and the company will be delisted from the ASX, effective 5:00pm (AWST) on June 10, 2025.
Under the share scheme, Aston shareholders received 1 Torque Metals share for every 5.2 Aston shares held on the record date. Option holders received 1 Torque Metals share for every 2,500 ASOAH options held. Small scheme participants and ineligible securityholders will receive their pro rata share of the net cash proceeds under the sale facility.
Following the implementation, Torque Metals will be led by Managing Director Cristian Moreno. The board will consist of Moreno, existing Torque Director Evan Cranston, and former Aston Director Tolga Kumova. Michelle Kennedy and Meagan Hamblin will continue as Joint Company Secretaries. Aston Directors Russell Bradford and Robert Jewson have resigned, while ASO Company Secretary, Oonagh Malone will remain for a transitional period. Torque Director Antony Lofthouse has also resigned. The completion of this merger marks a significant step for Torque Metals, consolidating its position in the market. The newly formed leadership team will focus on integrating the assets and operations of both companies to drive future growth and shareholder value.
