JOHANNESBURG (miningweekly.com) – Aim-listed Altus Strategies has raised about C$4.11-million by way of a nonbrokered private placement of 27.39-million units at C$0.15 each.
Each unit is comprised of one ordinary share and one ordinary share purchase warrant that may be used to buy one ordinary Altus share at C$0.30 for five years from the closing date of the offer.
The funds will be used for exploration and generative activities at the company’s licences in Africa, as well as for general corporate purposes.
"We are delighted by the exceptionally positive response from institutional and private investors to our capital raise. While 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 TSX Venture Exchange and look forward to updating shareholders on this subject in due course,” CEO Steve Poulton said on Wednesday.
Altus has a portfolio of gold, bauxite, copper, iron-ore, zinc and silver projects in Cameroon, Ethiopia, Liberia, Morocco, Mali and Côte d’Ivoire.