drbubb Posted October 12, 2017 Report Share Posted October 12, 2017 Altus Strategies To Acquire Legend Gold For Nearly GBP3.5 Million 11 Oct 2017 11:58 Altus Strategies To Acquire Legend Gold For Nearly GBP3.5 Million [ 11 Oct 2017 11:58 ] LONDON (Alliance News) - Natural resource investment company Altus Strategies PLC said on Wednesday it had signed an agreement to acquire Legend Gold Corp in an all-share deal valuing the company at nearly GBP3.5 million. Altus said it had signed a non-binding letter of intent to acquire the entire share capital of the Mali-focused gold miner listed on the Canadian TSX Venture exchange. Legend holds a number of prospective gold exploration projects in the west and south of the West African country. Altus says this offers a "potential for near term cashflow and discovery upside" Altus said drilling was occurring at Legend's Diba gold resource on the Korali Sud licence. The company said it includes intersections of 5.36 grams per tonne gold over 13 metres and 13.88 grams per tonne over 8 metres. The deal would see Legend shareholders receive three Altus shares for every Legend share they hold. After the deal closes, Legend shareholders would own 27.6% of the enlarged company. Based on the current Altus share price, this implies a valuation of GBP3.4 million for Legend the company said. Altus shares were untraded Wednesday, last closing at 8.00 pence. Current Legend Chief Executive Officer Michael Winn would join the combined company's board as a non-executive director, the company said. The company would also seek dual-listing on the London Stock Exchange and the TSX-V. The transaction is still subject to regulatory and other approvals and Altus expects to negotiate definitive documentation by October 31. "We are delighted to have entered into this agreement with Legend which has a portfolio of high quality and strategically located gold projects in western and southern Mali", Altus Chief Executive Officer Steven Poulton said. "Due to the sector downturn, which started in 2011, we believe the value of Legend's projects has not been recognised by the market. The projects are at various stages of advancement and offer the potential for near term cashflow and discovery upside." "This is a potentially significant growth opportunity for the company and we look forward to updating shareholders as the proposed transaction progresses." == Company address 14 Station Road, The Orchard Centre, Didcot, OX11 7LL, United Kingdom Company website http://www.altus-strate... Market cap(in millions)* £ 10.77 (at 8P ?) Listing/Admission to trading 10 Aug 2017 Trading service SETSqx Market AIM Last 5 trades Time/------------Date Price Volume Trade value Type 16:17:48 11-Oct-17 8.17 700 57.16 O 08:02:28 09-Oct-17 8.00 23,988 1,919.04 O 12:31:09 05-Oct-17 8.20 9,675 793.35 O 11:38:27 05-Oct-17 8.00 5,106 408.48 O 10:34:52 05-Oct-17 8.22 50,000 4,112.50 O Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.