All Star Minerals PLC - Haywards Heath, England-based mining services investor - Inks heads of terms with two separate and unnamed companies, one with a suite of gemstone assets and one with a suite of diamond assets. Believes "each company has the potential to deliver significant returns to shareholders".
Interim Chief Executive Ian Harebottle said: "I am delighted to announce that we have signed heads of terms with both these companies. The board, which has significant expertise in the diamond and gemstone industry, believes that neither company will require significant capital and/or operating expenditure to deliver strong returns.
"This will be tested via the planned due diligence programmes, but will make either company an extremely attractive acquisition opportunity should these assumptions prove to be true, potentially setting ASMO apart from most of the other companies already operating within this space."
Current stock price: 0.0525 pence
Year-to-date change: up 31%
By Greg Roxburgh; firstname.lastname@example.org
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