(Alliance News) - Altus Strategies PLC on Friday last week said it has raised CAD4.2 million, about GBP2.4 million, by way of a non-brokered private placement.
The mineral exploration company said it has offered 46.3 million shares at a price of CAD0.09 each, about 5.29 pence, to existing and new institutional and private investors.
The stock was untraded in London on Tuesday, last closing at 5.51p, giving the company a market capitalisation of GBP12.1 million.
Several Altus directors have participated in the placing, the company noted, subscribing for 7.3 million shares in aggregate. About CAD1.3 million of the offering is conditional upon the approval of TSX Venture Exchange, Altus noted.
Altus said it will use the proceeds for exploration and royalty generation activities on the company's licences in Africa, settlement of accrued expenses, and for general corporate purposes.
"We are delighted by the very positive response from new and existing institutional and private investors to our offering and we welcome all of our new investors to the company," said Chief Executive Steve Poulton.
Looking ahead, he added: "We are looking forward to accelerating our project and royalty generation activities, as well as securing further value accretive opportunities."
By Evelina Grecenko; email@example.com
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