Altus Strategies plc: Letter of Intent Signed with Raptor Resources for Morocco Subsidiary
TSX VENTURE: ALTS
DIDCOT, UK (FSCwire) - Altus Strategies Plc (AIM: ALS) (TSX-V: ALTS), the Africa focused exploration project generator, announces that it has signed a Letter of Intent with Raptor Resources Ltd ("Raptor") whereby Raptor may earn up to a 100% interest in Atlantic Resources Ltd ("Atlantic") a wholly owned subsidiary of Aterian Resources Ltd ("Aterian"), the Company's wholly-owned Moroccan focused exploration subsidiary.
- Letter of Intent with Australian incorporated private company Raptor Resources Ltd
- Raptor to earn up to a 100% interest in Altus's Morocco focused exploration subsidiary
- Altus to receive equity in Raptor, an initial cash payment and a net smelter return royalty
- Raptor intends to list its shares on the Australian Stock Exchange ("ASX")
- Agreement subject to conditions precedent, final documentation and regulatory approval
- Altus will remain the operator during the initial earn inperiod
Steven Poulton, Chief Executive of Altus, commented:
"Our Letter of Intent with Raptor is in line with the Company’s strategy of making and monetising discoveries in Africa, while building a valuable portfolio of royalty interests. Raptor will have the option to acquire up to a 100% interest in our Moroccan focused exploration subsidiary, which is currently advancing four copper and other base metal projects. In return Altus will receive an upfront cash payment, equity in Raptor and a royalty on the initial projects vended-in. The deal remains subject to final documentation and fulfilment of a number of conditions by Raptor, including the intended listing of Raptor’s shares on the ASX by 31st December 2018.
On completion of the proposed deal, this will mark our third transaction with an ASX listed Company, which include a joint venture on an Altus gold exploration project in southern Mali with Resolute Mining Ltd and a joint venture on an Altus bauxite exploration project in Cameroon with Canyon Resources Ltd. Altus is presently in discussions with Canyon in respect of vending-in the joint venture project in to Canyon, in exchange for further Canyon equity plus a royalty. We presently hold 8M shares in Canyon, which have a current market value of approximately £1.2M / C$2.1M / A$2.2M. We look forward to updating shareholders in due course".
The technical disclosure in this regulatory announcement has been read and approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 19 years of experience in mineral exploration and is a Qualified Person under the AIM rules and National Instrument 43-101 under the rules of the TSX.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information you are invited to visit the Company's website www.altus-strategies.com or contact:
|SP Angel (Nominated Adviser)Richard Morrison / Soltan Tagiev||Tel: +44 (0) 20 3470 0470|
|SP Angel (Broker)Richard Parlons / Jonathan Williams||Tel: +44 (0) 20 3470 0471|
|Blytheweigh (Financial PR)Tim Blythe / Camilla Horsfall / James Husband||Tel: +44 (0) 20 7138 3204|
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed, diversified and Africa focused mineral exploration project generator. Through our subsidiaries we discover new projects and attract third party capital to fund their growth, development and ultimately exit optionality. This strategy enables Altus to remain focused on the acquisition of new opportunities to be fed into the project generation cycle and aims to minimise shareholder dilution. Our business model is designed to create a growing portfolio of well managed and high growth potential projects and royalties, diversified by commodity and by country. Altus currently has eighteen projects in six commodities across six countries. We aim to position our shareholders at the vanguard of value creation, but with significantly reduced risks traditionally associated with investments in the mineral exploration sector.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.