(Alliance News) Altus Strategies PLC on Friday said it has agreed with AlphaStream Capital for the sale of a 30% interest in Alpha 3 SPV Ltd for USD5.3 million.
The Oxfordshire, England-based mining royalty company and Alphastream will each own 50% of Alpha 3 following the deal.
The proceeds will be re-invested by Altus in the expansion of its portfolio of 33 royalties.
Altus Chief Executive Steven Poulton said: "By moving to 50% ownership of Alpha 3, we have generated USD5.3 million in cash and strengthened our strategic partnership with AlphaStream, a specialist UAE based royalty and streaming company. The proceeds from this deal will be applied to potential further accretive royalty acquisitions, as well as our 'boots on the ground' and high-impact royalty generation strategy in Mali, Egypt and other countries in Africa."
Altus Strategies shares were up 1.9% at 55.00 pence each on Friday afternoon in London.
By Xindi Wei; xindiwei@alliancenews.com
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