Altus to extend deadline for completion of definitive documentation

Altus, the diversified and Africa focused project generator in the natural resources sector, and Legend said they had agreed to "extend the deadline for completion of definitive documentation", pursuant to the non-binding letter of intent they signed on 10 October to 14 November.

The LoI set out the terms and conditions by which Altus would purchase Legend, the owner of a portfolio of gold projects at different stages of development in Mali, in an all-stock transaction.

It also set out a value for Legend of £3.4m based on the shares' then current price.

At the time, Altus said Legend's prospective projects in western and southern Mali held the potential for near-term cashflow and discovery upside.