Altus Strategies Buys Royalties Portfolio for $24.0 Million; Will Hold Placing

   By Joe Hoppe

Altus Strategies PLC said Monday that it has entered two sale and purchase agreements to acquire a portfolio from Newcrest Mining Ltd. for $24.0 million, financed through a proposed $25.0 million share placing and subscription.

The mining company said that the portfolio consists of royalties on two producing gold mines, one near-production gold mine and up to 21 near-term development and exploration stage projects, and is being acquired through a strategic joint venture with AlphaStream Ltd., a specialist mining royalty and streaming company.

Altus said that 23 of the interests are in Australia with the other in Ivory Coast. The Australia interests will be acquired through a newly incorporated Australian company owned 80.1% by Altus, with AlphaStream holding the remainder. The Ivory Coast asset will be held in a 50/50 split company.

The company said it will raise around $25.0 million through the placing of shares at 53.5 pence (71.0 U.S. cents) each, with the final number of shares placed at the discretion of sole bookrunner BMO Capital Markets Ltd.

"The Newcrest portfolio provides Altus with immediate cash flow, portfolio diversification and is heavily weighted towards gold in Australia, a 'top tier' jurisdiction," Chief Executive Steve Poulton said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

December 13, 2021 13:34 ET (18:34 GMT)

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