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Hammer Metals Receives ASX Waivers to Facilitate Austral Resources Takeover, Gold Asset Demerger; Shares Hit 52-Week High

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Hammer Metals (ASX:HMX) said the ASX has granted it two listing rule waivers to facilitate the proposed takeover by Austral Resources and the planned demerger of its Western Australian gold assets held in Carnegie Exploration, according to a Wednesday Australian bourse filing.

The first waiver allows Hammer's options and management performance rights to be cancelled for consideration without requiring shareholder approval if the scheme becomes effective, while the second allows Hammer to proceed with a capital reduction in connection with the demerger that may reduce its share price below AU$0.20, subject to shareholder approval, the filing added.

The company's shares rose past 1% in recent Wednesday trade and earlier hit a 52-week high.

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