Altus Strategies PLC Extension of La Mancha Strategic Loan Facility (5334L)
May 16 2022 - 2:01AM
UK Regulatory
TIDMALS
RNS Number : 5334L
Altus Strategies PLC
16 May 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS)
OTCQX (ALTUF) / Sector: Mining
16 May 2022
Altus Strategies Plc
("Altus" or the "Company")
Extension of La Mancha Strategic Loan Facility
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces that the maturity date of the strategic loan facility
("Facility") from La Mancha Fund SCSP ("La Mancha") has been
extended by six months to 31 December 2022. All other terms of the
Facility remain unchanged from those announced on 17 August 2021
and as amended on 14 February 2022. La Mancha is the Company's
largest shareholder owning 35.08% of the Company's issued share
capital.
Steven Poulton, Chief Executive of Altus, commented:
"The extension of the La Mancha Facility to 31 December 2022
provides us with enhanced flexibility to manage our balance sheet
while we actively review additional transactions in line with our
strategy."
Terms of the Facility
On 17 August 2021, the Company entered into the Facility with La
Mancha and drew down US$29 million. The Facility was applied to the
acquisition of an effective 0.418% net smelter return royalty
interest on the producing Caserones Copper Mine in Chile. The
Facility was due to expire on 30 June 2022 and currently bears an
annualised interest rate of 10% plus the three month United States
dollar London Inter-bank Offered Rate. The Company has already
repaid US$5 million of the Facility, reducing the current principal
and capitalised interest under the Facility to US$25.75
million.
Related Party Transaction
La Mancha is the Company's largest shareholder with a 35.08%
interest and is considered a "related party" pursuant to the AIM
Rules for Companies as well as Canadian Multilateral Instrument
61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Accordingly, the extension constitutes
a related party transaction pursuant to AIM Rule 13 and MI 61-101.
The Company believes it is exempt from the requirements under MI
61-101 as the extension was agreed with reasonable commercial terms
between the Company and La Mancha as if it were on an arm's length
basis and as the Facility is not convertible or repayable into
equity of the Company.
The independent directors of Altus, being the directors other
than Mr Karim Nasr (being Managing Director and Chief Executive
Officer of La Mancha) and Mr Gérard De Hert (being Managing
Director (Technical Services) of La Mancha), having consulted with
the Company's Nominated Adviser, SP Angel Corporate Finance LLP,
consider that the terms of the extension from La Mancha are fair
and reasonable insofar as Altus's shareholders are concerned. Mr
Nasr and Mr De Hert, both Non-Executive Directors of Altus,
abstained from the board decision approving the extension.
For further information you are invited to visit the Company's
website www.altus-strategies.com or contact:
Altus Strategies Plc Tel: +44 (0) 1235 511 767
Steven Poulton, Chief Executive E-mail: info@altus-strategies.com
SP Angel (Nominated Adviser)
Richard Morrison / Adam Cowl Tel: +44 (0) 20 3470 0470
SP Angel (Broker)
Grant Barker Tel: +44 (0) 20 3470 0471
Rob Rees Tel: +44 (0) 20 3470 0535
Shard Capital (Broker)
Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Yellow Jersey PR (Financial PR & Tel: +44 (0) 20 3004 9512
IR) E-mail: altus@yellowjerseypr.com
Charles Goodwin / Henry Wilkinson
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is
an income generating mining royalty company, with a diversified
portfolio of production, pre-production and discovery stage assets.
The Company's differentiated approach of generating royalties on
its own discoveries in Africa and acquiring royalties globally
through financings and acquisitions with third parties has
attracted key institutional investor backing. Altus has established
a global portfolio comprising 33 royalty interests and 27 project
interests across nine countries and nine metals. The Company
engages constructively with all stakeholders, working diligently to
minimise its environmental impact and to promote positive economic
and social outcomes in the communities where it operates. For
further information, please visit www.altus-strategies.com .
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organisation of Canada accepts responsibility for the
adequacy or accuracy of this release.
Market Abuse Regulation Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
**END**
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