(Alliance News) - Altus Strategies PLC on Tuesday said it has issued 2.0 million shares to Agmex Sarl as part of the agreement signed in February last year.
The deal relates to a 3% net smelter return royalty held by Agmex on Altus's Lakanfla gold project in Mali. Under the deal, Altus has acquired and cancelled two of the three percentage points of this net smelter return.
Altus retains an option - which expires in mid-January 2023 - to acquire the final 1% net smelter return by making a cash payment of USD350,000 to Agmex.
"We are pleased to have concluded the acquisition of a 2% net smelter return royalty on our Lakanfla gold project in western Mali," said Altus Chief Executive Steve Poulton.
"Lakanfla contains a significant area of artisanal gold workings and historical drilling has returned excellent results," noted Poulton. "Preparations for a phase one drilling programme at Lakanfla are now underway."
Altus shares were untraded in London on Tuesday, last closing at 6.96 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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