Altus Strategies to embark on private placement to fund exploration

Altus Strategies announced a non-brokered private placement on Friday, offering shares and warrants to a minimum of C$2.5m and a maximum C$5m.

The issue price for the placement in shares of the Africa-focused natural resource company will be C$0.15 per unit comprising one share and one warrant exercisable for five years from the close of the placement at C$0.30.

In a statement, Altus Strategies said: “The net proceeds from the Offering will be used for exploration and generative activities on the Company's licences in Africa and for general corporate purposes.”

The AIM-traded company has a portfolio 16 projects in Cameroon, Ethiopia, Liberia and Morocco, through six subsidiaries, targeting gold, bauxite, copper, iron ore, zinc and silver.

The company said the offering is being made in “Canadian provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Newfoundland and Ontario and in the United Kingdom” and other jurisdictions subject to the approval of regulatory authorities.

The offering is expected to close on 2 April and is subject to regulatory approvals, completion of formal documentation and other customary conditions.

As of 1609 GMT, Altus Strategies shares were unchanged at 7.87p.