Altus Strategies Plc (LON:ALS & TSX-V:ALTS), the Africa focused exploration project generator, announces that it has signed a Letter of Intent with Raptor Resources Ltd whereby Raptor may earn up to a 100% interest in Atlantic Resources Ltd a wholly owned subsidiary of Aterian Resources Ltd, the Company’s wholly owned Moroccan focused exploration subsidiary.
Highlights:
· 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 in period
Steven Poulton, Chief Executive of Altus Strategies Plc, 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.”
