Altus Strategies Plc, the Africa-focussed exploration project generator, has executed a definitive binding arrangement agreement with Legend Gold Corp.
Legend has a portfolio of gold projects in the Republic of Mali in West Africa, at various stages of advancement (Legend Projects) and is listed on the Canadian TSX Venture exchange.
The agreement sets out the terms and conditions pursuant to which Altus will acquire through an all-stock transaction the entire issued and outstanding common shares of LGN Holdings (BVI) Inc. being the owner of the Legend Projects, by way of a Plan of Arrangement pursuant to the laws of the province of British Columbia in Canada (the Arrangement). The Arrangement is subject to among other things Legend shareholder, court and regulatory approvals.
Legend will distribute the common shares in Altus (Altus Shares) that it receives, to Legend shareholders on the basis of three Altus Shares for each common share they hold in Legend (Legend Shares). The holders of outstanding warrants of Legend (Legend Warrants) will be entitled to receive, upon exercise of their securities, the number of Altus Shares which the holders would have been entitled to receive as a result of the Arrangement, if immediately prior to the effective date the holders had exercised their Legend Warrants.
Following the completion of the Arrangement, LGN will be a wholly owned subsidiary of Altus and existing Altus shareholders and Legend shareholders will each own approximately 72.4% and 27.6% of the combined company, respectively, on a non-diluted basis.
Read the article online at: https://www.globalminingreview.com/finance-business/22112017/altus-completes-definitive-binding-agreement-with-legend-gold/