Astral Resources NL (ASX:AAR) submitted a non-binding indicative proposal to acquire Maximus Resources (ASX:MXR) for AU$0.07 per share in an all-scrip, off-market takeover, according to a Monday filing with the Australian bourse.

The offer, which represents a 56% premium to Maximus' last closing price, is subject to due diligence and a binding implementation deed, the filing said.

Additionally, Astral has also acquired 19.99% of Maximus shares via share swaps with Beacon Minerals (ASX:BCN) and its shareholder Colin Petroulas, the filing added.

The deal, which would create a combined mineral resource base of 1.8 million ounces, remains subject to board approvals and customary conditions, the company said.

Astral and Maximus have entered into an exclusivity agreement until Jan. 31, 2025.

Shares of Astral Resources fell nearly 9% in recent Monday trade, while shares of Maximus Resources rose past 31%.