TIDMALS
RNS Number : 5545C
Altus Strategies PLC
11 February 2020
Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSX-V
(ALTS) / Sector: Mining
11 February 2020
Altus Strategies Plc
("Altus" or the "Company")
Receipt of 15 Million Shares in Canyon Resources Ltd
Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa
focused project and royalty generator, announces that it has
received 15 million fully paid ordinary shares ("First Shares") in
ASX listed Canyon Resources Ltd ("Canyon"). The First Shares have
been issued in accordance with the previously announced JV
Termination Agreement ("JVTA") between Altus and Canyon dated 09
February 2019. The First Shares have a current market value of
approximately GBP1.1 million / C$1.9 million and are subject to a
voluntary 12-month escrow agreement. The JVTA terminates the joint
venture dated 23 December 2013 on the Company's 100% owned Birsok
bauxite project ("Birsok") in the Republic of Cameroon.
Highlights:
-- 15M Canyon shares issued to Altus with a current market value of GBP1.1M / C$1.9M
-- Shares issued in part consideration of the termination of the Birsok bauxite JV in Cameroon
-- Altus to receive a further 10M Canyon shares in 12 months following the First Shares
-- Potential for an additional 5M Canyon shares and US$1.50 / tonne royalty on Birsok
-- Birsok is contiguous with Canyon's Minim Martap project and within 10km of a rail line
-- Canyon has announced a JORC (2012) compliant resource at the
Minim Martap Project of 892 million tonnes at an average grade of
45.1% total Al(2) O(3) and total 2.8% SiO(2) , comprising:
o Indicated 839 million tonnes averaging 45.2% Al(2) O(3) and
2.8% SiO(2)
o Inferred 53 million tonnes averaging 43.8% Al(2) O(3) and 3.1%
SiO(2)
Terms of JVTA
Under the terms of the JVTA, Canyon will issue a total of 25
million Canyon shares to Altus in two tranches. Twelve months after
the issue of the First Shares, Canyon will issue a further 10
million shares ("Second Shares") to Altus. In accordance with the
JVTA and a voluntary escrow deed between Altus and Canyon dated 18
November 2019, the First Shares and Second Shares are each subject
to a 12-month voluntary escrow agreement from their respective date
of issue. Altus now holds 16,100,000 fully paid ordinary shares in
Canyon, representing an approximate 3.4% interest in Canyon on an
undiluted basis.
Sale & Purchase and Royalty Agreements
As previously announced by the Company on 11 February 2019,
Altus and Canyon also entered into a Sale & Purchase agreement
("SPA") and Royalty Agreement ("RA") on 09 February 2019 in respect
of Birsok. The SPA transfers a 100% interest in the share capital
("Aucam Shares") of the Company's subsidiary Aucam Resources Ltd
("Aucam"), which is incorporated in the Republic of the Seychelles,
to Canyon. Aucam is the 100% owner of Aucam SA, the holder of
Birsok.
The SPA and RA remain subject to certain conditions precedent,
including the transfer of the Aucam Shares, the re-organisation of
Aucam as well as obtaining any regulatory or other approvals as may
be required. Under the terms of the SPA, Canyon will issue 5
million ordinary shares to Altus (subject to a 12-month voluntary
escrow), upon the execution of a mining convention on the Minim
Martap Project. Altus will also receive a US$1.50 per tonne 'life
of mine' royalty on sales of ore mined from Birsok as governed by
the RA.
While Canyon is not considered to be a related party to Altus
under the AIM rules, the Chairman of the Company is also the
Chairman of Canyon and as such, has recused himself from the
decision-making process in respect of the JVTA, SPA and RA.
Cautionary note regarding Canyon resource data
Readers are cautioned that the mineral resource data on Minim
Martap as referred to in this written disclosure, is reproduced
from public disclosures made by Canyon, including the
interpretation of historical data. The data reported by Canyon has
not been verified by Altus. Altus does not possess information on
the quality assurance or quality control measures taken in
connection with the data.
Qualified Person
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),
Steven Poulton 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 20 years of experience in mineral exploration and is a
Qualified Person under the AIM rules and National Instrument 43-101
Standards of Disclosure of Mineral Projects of the Canadian
Securities Administrators.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E: info@altus-strategies.com
SP Angel (Nominated Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Soltan Tagiev
SP Angel (Broker) Tel: +44 (0) 20 3470 0471
Abigail Wayne / Richard Parlons
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
About Altus Strategies Plc
Altus is a London (AIM: ALS) and Toronto (TSX-V: ALTS) listed
project and royalty generator in the mining sector with a focus on
Africa. Our team creates value by making mineral discoveries across
multiple licences. We enter joint ventures with respected groups
and our partners earn interest in these discoveries by advancing
them toward production. Project milestone payments we receive are
reinvested to extend our portfolio, accelerating our growth. The
portfolio model reduces risk as our interests are diversified by
commodity and by country. The royalties generated from our
portfolio of projects are designed to yield sustainable long-term
income. We engage constructively with all our stakeholders, working
diligently to minimise our environmental impact and to promote
positive economic and social outcomes in the communities where we
operate.
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this Announcement, including
information relating to future financial or operating performance
and other statements that express the expectations of the Directors
or estimates of future performance constitute "forward-looking
statements". 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 programmes on
schedule and the success of exploration programmes. Readers are
cautioned not to place undue reliance on the forward-looking
information, which speak only as of the date of this Announcement
and the forward-looking statements contained in this announcement
are expressly qualified in their entirety by this cautionary
statement.
Where the Company expresses or implies an expectation or belief
as to future events or results, such expectation or belief is based
on assumptions made in good faith and believed to have a reasonable
basis. The forward-looking statements contained in this
Announcement are made as at the date hereof and the Company assumes
no obligation to publicly update or revise any forward-looking
information or any forward-looking statements contained in any
other announcements whether as a result of new information, future
events or otherwise, except as required under applicable law or
regulations.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation 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 ("MAR") until the release of this
announcement.
**END**
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END
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