TIDMALS
RNS Number : 2464L
Altus Strategies PLC
18 April 2018
Altus Strategies Plc / Index: AIM / EPIC: ALS / Sector:
Mining
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR
DISSEMINATION IN THE UNITED STATES OF AMERICA
18 April 2018
Altus Strategies Plc
("Altus" or the "Company")
C$4.1M Placing & TSXV Listing update
Altus Strategies Plc (AIM: ALS), the Africa focused exploration
project generator, announces that it has conditionally raised
approximately C$4.1 million (GBP2.3 million) (before expenses) by
way of a non-brokered private placement offering of 27,391,616
units ("Units") at an issue price of C$0.15 (8.46 pence) per share
for gross proceeds of C$4,108,742.40, with existing and new
institutional and private investors (the "Offering"). Each Unit is
comprised of one ordinary share in the capital of Altus ("Ordinary
Share") and one Ordinary Share purchase warrant of Altus
("Warrant") exercisable to purchase one Ordinary Share for five
years from the closing of the offering ("Closing Date") at an
exercise price of C$0.30.
Steve Poulton, Chief Executive of Altus, commented:
"We are delighted by the exceptionally positive response from
institutional and private investors to our capital raise. Whilst
there was a very strong take up in North America, we were delighted
to welcome a new UK institutional investor to our register as well.
We thank all of the investors in this placement for their support
and welcome them to the Company. This capital raise will allow us
to accelerate the growth in our project generation activities
across Africa. Separately we are working towards the proposed dual
listing of the Company's shares on the TSXV and look forward to
updating shareholders on this subject in due course."
Details of the Placing
The Offering is conditional, amongst other things, on the
admission of the new Ordinary Shares to trading on the AIM market
of the London Stock Exchange ("Admission") on or around 19 April
2018. Application has been made for admission of 27,391,616 new
Ordinary Shares to trading on AIM and it is expected that Admission
and dealings in these new Ordinary Shares will commence at 8.00
a.m. on 19 April 2018. All Ordinary Shares issued under the
Offering, including Ordinary Shares issuable on exercise of the
Warrants, are subject to a hold period of four months and one day
from the Closing Date pursuant to applicable securities laws. The
new Ordinary Shares will represent approximately 15.6% of the
Company's enlarged issued share capital on Admission.
Use of Proceeds
The planned use of the net proceeds of the Placing (based on the
unit price of C$0.15 and the C$/GBP exchange rate of 17 April
2018), being approximately C$3,941,061 (GBP2,189,174), is for
exploration and generative activities on the Company's licences in
Africa and for general corporate purposes.
Finders
As previously announced on 12 April 2018, Sprott Capital
Partners, a division of Sprott Private Wealth LP, and affiliates
acted as finders in connection with the Offering (the "Finders").
Haywood Securities Inc. also acted as Finders for the Offering.
Finder's fees are payable on a portion of the Offering, and consist
of a cash fee of up to 6.0% of the gross proceeds received from the
sale of the Units sold to investors introduced by the Finders and
that number of non-transferrable share purchase warrants ("Finder
Warrants") equal to 5.0% of the number of Units sold to investors
introduced by the Finders, each Finder Warrant entitling the Finder
to purchase one Ordinary Share for three years from the Closing
Date at C$0.225. A total of 911,861 Finder Warrants are to be
issued.
Update on TSX Venture Exchange Listing
As announced on 12 April 2018 the Company has received
conditional approval from the TSX Venture Exchange (the "Exchange"
or the "TSXV") to list the Company's Ordinary Shares on the
Exchange. Final approval for the listing is conditional upon the
Company satisfying certain customary listing conditions and
requirements imposed by the Exchange, including providing certain
documentation and information to the Exchange. The Company is
working to satisfy these conditions as quickly as possible. Upon
obtaining final approval, the Company will issue a further press
release. Following its dual listing on the TSXV, the Ordinary
Shares of Altus will remain quoted on the AIM market of the London
Stock Exchange.
Total Voting Rights
Following Admission, there will be a total of 176,132,686
Ordinary Shares in issue, none of which are held in treasury.
Shareholders should use the figure of 176,132,686 as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
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. In addition, market soundings (as defined in MAR)
were taken in respect of the placing and other matters contained in
this announcement, with the result that certain persons became
aware of such inside information, as permitted by MAR. That inside
information is set out in this announcement and is now considered
to be in the public domain. Therefore, upon the publication of this
announcement, those persons that received is inside information in
a market sounding are no longer in possession of inside information
relating to the Company and its securities.
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
Elizabeth Johnson
Blytheweigh (Financial PR) Tel: +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Nick Elwes
About Altus Strategies Plc
Altus is a London listed (AIM: ALS), 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, diversified by
commodity and by country. Altus currently has seventeen 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
This news release includes certain statements that may be deemed
"forward looking statements" with the meaning of applicable
securities laws. All statements in this news release, other than
statements of historical facts, that address events or developments
that Altus Strategies Plc expects to occur, are forward looking
statements and involve known and unknown risks, uncertainties and
other factors. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified
by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential", "targets" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. The Company believes the
expectations, estimates, forecasts and projections expressed in
such forward looking statements are based on reasonable
assumptions. However, investors are cautioned that such statements
are not guarantees of future performance and the Company cannot
provide assurance that actual results or performance will not
differ materially from those projected in the forward looking
statements. Factors that could cause the actual results to differ
materially from those in forward looking statements include changes
in market prices, exploration results and the interpretation of
other geological data, the ability of the Company to obtain,
maintain, renew and/or extend required licences, permits,
authorizations and/or approvals from the appropriate regulatory
authorities and other risks relating to the legal and regulatory
frameworks in jurisdictions where the Company operates, competitive
conditions in the mineral exploration sector, the activities of
artisanal miners, whose activities could delay or hinder
exploration or mining operations, the risk that third parties to
contracts may not perform as contracted or may breach their
agreements, the ability to attract and retain key management and
personnel, terrorism, civil strife, or war in the jurisdictions in
which the Company operates, or in neighbouring jurisdictions which
could impact on the Company's exploration, development and
operating activities, unanticipated costs and expenses, the
continued availability of capital and financing on acceptable terms
or at all, and general economic, market or business conditions.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
END
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