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Extension to due diligence period

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RNS Number : 9621X
Altus Strategies PLC
03 May 2019
 

Altus Strategies Plc / Index (EPIC): AIM (ALS) & TSXV (ALTS) / Sector: Mining

 

 

 

03 May 2019

 

Altus Strategies Plc

("Altus" or the "Company")

 

Extension to Due Diligence Period for Indiana Resources

 

Altus Strategies Plc (AIM: ALS & TSX-V: ALTS), the Africa focused project and royalty generator, announces that it has granted ASX-listed Indiana Resources Ltd ("Indiana") an extension ("Extension") to the exclusivity period to now end on 14 June 2019, for completing due diligence on the Company's Lakanfla and Tabakorole gold projects ("Projects"). Lakanfla is located 6km southeast of the Sadiola gold mine in western Mali and Tabakorole is located in southern Mali.

 

Indiana has requested the Extension in light of the time required to process the substantial amounts of historical data which exists on the Projects. If publically disclosing the historical data, Indiana will be required to do so in accordance with ASX reporting standards.

 

The Extension is further to the announcements by the Company of 7 February 2019 and 13 March 2019 in respect of the signing of and an extension to a non-binding Terms Sheet for a joint venture ("JV") with Indiana on the Projects, whereby subject to entering a definitive agreement ("Agreement") with Altus, Indiana will have the option to earn up to an 85% interest in Legend Mali (BVI) II Inc., a wholly owned subsidiary of the Company and which holds a 100% interest in the Projects.

 

Indiana may earn its interest in the Projects by funding their exploration and development and in return the Company will receive milestone based cash and equity in Indiana, retain a 2.5% Net Smelter Return royalty on the Projects and be the operator of the JV during the initial earn-in periods. The Agreement remains subject to due diligence and other conditions precedent.

 

Market Abuse Regulation (MAR) 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 until the release of this announcement.

 

For further information you are invited to visit the Company's website www.altus-strategies.com or contact:

 

Altus Strategies Plc

Steven Poulton, Chief Executive

Tel: +44 (0) 1235 511 767

E: [email protected]

 

SP Angel (Nominated Adviser)

Richard Morrison / Soltan Tagiev

 

Tel: +44 (0) 20 3470 0470

 

SP Angel (Broker)

Richard Parlons / Jonathan Williams

 

Tel: +44 (0) 20 3470 0471

 

Blytheweigh (Financial PR)

Tim Blythe / Camilla Horsfall

 

Tel: +44 (0) 20 7138 3204

 

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 statements in this news release contain forward-looking information. 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 programs on schedule and the success of exploration programs. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this news release.

 

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

 

**END**

 


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Quick facts: Altus Strategies

Price: 5.05

Market: AIM
Market Cap: £8.98 m
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