Altus Strategies Plc (AIM: ALS, TSXV: ALTS, OTCQX: ALTUF) has entered into a sale and purchase agreement and other agreements with London AQSE Growth Market listed Eastinco Mining and Exploration plc to sell the company’s 100% owned subsidiary Aterian Resources Ltd.
Aterian is advancing a portfolio of 15 primarily copper and silver exploration projects in the Kingdom of Morocco. Eastinco is currently advancing a portfolio of tantalum exploration and development projects in the Republic of Rwanda. The Transaction remains subject to certain conditions precedent, including the admission to trading of Eastinco’s entire issued share capital to the Official List of the FCA and to trading on the London Stock Exchange’s Main Market for listed securities.
Highlights:
- Altus to vend its 100% owned Morocco focused subsidiary Aterian into Eastinco
- Altus to own up to 25% of Eastinco and an Altus appointee will join Eastinco’s board
- Altus to receive warrants for up to an additional 10% of Eastinco
- Altus to own 15 new royalties, including a royalty on the Musasa tantalum mine in Rwanda
- Eastinco to transform into a pan-African strategic metals development company
- Eastinco currently owns tantalum exploration and development projects in Rwanda
- The Transaction remains subject to Eastinco’s Admission and LSE Standard Listing
- Eastinco proposes to change its name to Aterian Plc on completion of the Transaction
“We are delighted to announce the proposed divestment to Eastinco of our 100% owned Moroccan focused exploration subsidiary, Aterian, as part of Eastinco’s proposed LSE Standard Listing and subsequent name change to Aterian Plc. The enlarged entity will have a strong and unique portfolio of strategic metal exploration and development projects in Morocco and Rwanda,” Altus CEO, Steven Poulton, said.
“The Transaction will result in Altus generating a portfolio of 15 new royalties on the Aterian portfolio, of primarily copper and silver projects, as well as a royalty on the Musasa tantalum mine in Rwanda. Altus will become a material shareholder of Eastinco with up to 25% of the issued capital at Admission.
“Altus will also hold share purchase warrants for up to an additional 10% of Eastinco, subject to certain restrictions, retaining a significant stake in the enlarged Aterian portfolio. Altus will also receive a reimbursement of up to £250,000 in respect of certain exploration expenditures incurred by Aterian in 2021.
“The Transaction with Eastinco reflects our confidence in the Aterian Projects and is in line with our business model of making and monetising exploration discoveries in return for equity, cash and the creation of new royalty interests.
“We look forward to the completion of the Transaction, the successful Admission of Eastinco and to supporting the Eastinco team going forward.”
For further information please visit: https://www.altus-strategies.com/
