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  • Mayur Resources (MRL) has successfully listed its copper and gold assets in Papua New Guinea on the Toronto Stock Exchange Venture (TSXV)
  • The newly listed company is called Adyton Resources and will trade under the code ADY
  • The spinout saw more than C$10.5 million (approximately A$10.5 million) raised, valuing Adyton at around C$38 million (roughly A$38 million)
  • Notably, Mayur owns around 43 per cent of Adyton shares
  • On the market this afternoon, Mayur is up 10.3 per cent and is trading at 32 cents per share

Mayur Resources (MRL) has successfully listed its copper and gold assets in Papua New Guinea on the Toronto Stock Exchange Venture (TSXV) as Adyton Resources.

The spinout saw more than C$10.5 million (roughly A$10.5 million) raised via a group of northern hemisphere banks that valued Adyton at around C$38 million (approximately A$38 million).

Adyton has been trading on the TSXV since yesterday, February 24, under the code ADY, in a range between 26 cents and 40 cents.

Mayur owns around 43 per cent of Adyton shares, valued at around C$14 million to C$21 million (around A$14 million to A$21 million).

Managing Director Paul Mulder says Adyton’s listing represented a key milestone in the delivery of Mayur’s strategy.

“This is a win/win for Mayur shareholders and our PNG stakeholders who will now see these assets materially progressed in real-time, with a high calibre and dedicated management team,” he said.

“The demerger of the copper and gold portfolio will also reduce overall operating costs and enable Mayur to further refine and simplify the business and focus on core project development activities,” he added.

On the market this afternoon, Mayur is up 10.3 per cent and is trading at 32 cents per share at 1:57 pm AEDT.

MRL by the numbers
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