Altus Strategies PLC - Africa-focused mining royalty company - Receives 10 million shares in ASX-listed Canyon Resources Ltd, worth GBP640,000. These are the final tranche to be issued to Altus under the joint venture termination agreement between the two companies over the Birsok bauxite joint venture project in the Republic of Cameroon. A total of 25 million Canyon shares have now been received under the agreement, and Altus currently holds 26.1 million Canyon shares, representing a 4.3% stake.
Under terms of sale & purchase agreement also entered into in February 2019, Canyon will issue 5 million shares to Altus upon the execution of a mining convention on the Minim Martap project. Altus will also receive a USD1.50 per tonne 'life of mine' royalty on sales of ore mined from Birsok as governed by royalty agreement.
Current stock price: 87.99 pence
Year-to-date change: up 14%
By Lucy Heming;Â lucyheming@alliancenews.com
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