Altus Strategies Plc has announced that it has conditionally raised £7.7 million (CAN$13.35 million) (before expenses) by way of an oversubscribed placing and subscription of 10 266 668 new ordinary shares (ordinary shares) at an issue price of £0.75 (CAN$1.30) per share (the issue price), with existing and new institutional and private investors (the fundraising).
- Completion of over-subscribed fundraising raising £7.7 million (CAN$13.35 million).
- Strategic investor La Mancha has subscribed for 35.43% of the fundraising.
- Fundraising has attracted new institutional and family office investors to the share register.
- Altus Directors and PMDRs participated in the fundraising.
- Net proceeds primarily used to accelerate gold exploration programmes in Egypt and Mali.
- Shard Capital Partners LLP appointed as joint broker.
Steve Poulton, Chief Executive of Altus, commented: "We are delighted to announce the completion of this oversubscribed fundraising, raising a total of £7.7 million (CAN$13.35 million) at £0.75 (CAN$1.30) per share. The fundraising was cornerstoned by our strategic shareholder La Mancha, subscribing pro rata to its 35.43% shareholding. Following the completion of the fundraising, Altus has a strong balance sheet, comprising approximately £12.5 million (CAN$21.6 million) in cash and £1.5 million (CAN$2.6 million) in listed equities.
"Altus is a mining royalty generator which has assembled and is continuing to aggressively grow a strong and diversified portfolio of high quality and strategically located gold and base metal project and royalty interests across Africa. The net proceeds from this fundraising will be used to aggressively accelerate our exploration programmes primarily in Egypt and Mali, as well as enable us to consider potential project and royalty acquisition opportunities.
"With this fundraising we are also delighted to have strengthened our shareholder base with a number of notable institutions, family offices and private investors who share our vision. The Board of Altus welcomes these shareholders to the company and thanks all of its shareholders for their continued support."
Read the article online at: https://www.globalminingreview.com/finance-business/22032021/altus-strategies-closes-77-million-equity-fundraising/