The CEO of Altus said that the letter of intent with Raptor is in line with the company’s strategy of making and monetizing discoveries in Africa, while building a valuable portfolio of royalty interests.
Altus Strategies (LSE:ALS,TSXV:ALTS), an Africa-focused exploration project generator has announced that it has signed a letter of intent with Raptor Resources, whereby Raptor may earn up to a 100-percent interest in Atlantic Resources a wholly owned subsidiary of Aterian Resources, Altus’s wholly-owned Moroccan focused exploration subsidiary.
As highlighted in the press release:
- Letter of Intent with Australian incorporated private company Raptor Resources
- Raptor to earn up to a 100-percent interest in Altus’s Morocco focused exploration subsidiary
- Altus to receive equity in Raptor, an initial cash payment and a net smelter return royalty
- Raptor intends to list its shares on the Australian Stock Exchange
- Agreement subject to conditions precedent, final documentation and regulatory approval
- Altus will remain the operator during the initial earn in period
CEO of Altus, Steven Poulton said:
“Our letter of intent with Raptor is in line with the company’s strategy of making and monetizing discoveries in Africa, while building a valuable portfolio of royalty interests. Raptor will have the option to acquire up to a 100-percent interest in our Moroccan focused exploration subsidiary, which is currently advancing four copper and other base metal projects. In return Altus will receive an upfront cash payment, equity in Raptor and a royalty on the initial projects vended-in. The deal remains subject to final documentation and fulfilment of a number of conditions by Raptor, including the intended listing of Raptor’s shares on the ASX by 31st December 2018.