Altus Strategies plc said it is to sell its 100% owned Moroccan-focused copper-silver exploration subsidiary Aterian Resources Ltd to Eastinco Mining and Exploration plc.
METALS
Aterian is advancing assets of 15 primarily copper and silver exploration projects.
Eastinco has a portfolio of tantalum exploration and development projects in Rwanda.
TERMS
Altus said yesterday it had entered a sale and purchase agreement and other agreements subject to certain conditions.
These include 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.
Altus will also own up to 25% of Eastinco and an Altus appointee will join Eastinco’s board.
Eastinco will transform into a pan-African strategic metals development company and change its name to Aterian plc on completion of the transaction.