Astro Resources NL (ASX:ARO) entered into a conditional letter of intent to acquire 80% stake in Knox Resources Ltd from Greenvale Mining Limited (ASX:GRV) for AUD 4 millions on June 1, 2022. Consideration payable to Greenvale Mining is 1.150 billion ARO shares with 230 million immediately and the rest 920 million shares as deferred payment. Greenvale will have the right to appoint two directors. Messrs Neil Biddle and Leibowitz will join the Board of Astro as non-executive Directors and key Greenvale Mining operational staff will be transferred to ARO, including Chief Executive Officer Matthew Healy and Exploration Manager Paul Abbott. The transaction is conditional upon finalization of due diligence, legal documentation and approvals by Astro and Greenvale shareholders. As of September 19, 2022, Astro Resources has entered into a share sale and purchase agreement to acquire 80% stake in Knox Resources. As of November 16, 2022, shareholder approved the Company acquisition.

Astro Resources NL (ASX:ARO) completed the acquisition of 80% stake in Knox Resources Ltd from Greenvale Mining Limited (ASX:GRV) on November 28, 2022.