Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) is to receive US$5.3mln from selling some of its Australian royalty portfolio.
The company has entered into a sale and purchase agreement with AlphaStream Capital for the sale of a 30.1% interest in Alpha 3 SPV Ltd.
Following the sale, Altus and AlphaStream will both own 50% of the special purpose vehicle (SPV).
The proceeds from the sale will be re-invested by Altus in the expansion of its global portfolio of 33 royalties, both through accretive acquisitions and discovery-led royalty generation.
"By moving to 50% ownership of Alpha 3, we have generated US$5.3 million in cash and strengthened our strategic partnership with AlphaStream, a specialist UAE based royalty and streaming company. The proceeds from this deal will be applied to potential further accretive royalty acquisitions, as well as our 'boots on the ground' and high-impact royalty generation strategy in Mali, Egypt and other countries in Africa,” said Steve Poulton, the chief executive of Altus.