JOHANNESBURG (miningweekly.com) - Africa-focused exploration project generator Altus Strategies has completed a plan of arrangement with TSX-V-listed Legend Gold Corp, which Altus CEO Steven Poulton considered a transformational and accretive milestone for both companies.
Altus has acquired, through an all-stock transaction, the entire issued and outstanding common shares of LGN Holdings - the owner of the Legend projects.
Legend has a portfolio of six strategically located gold projects in western and southern Mali.
"We believe the project generator model represents an optimal strategy for investors to participate in the potential returns from making economic mineral discoveries, while mitigating a number of the potential financial, technical, managerial or geopolitical risks that can impact explorers that are heavily focused on just one or two assets," Poulton highlighted.
An application, and other preparations required, for a dual listing of Altus' shares on the TSX-V are under way. It is anticipated that the Legend shares will be delisted from the TSX-V on or about January 31.