Altus Strategies PLC Extension of Loan Facility from La Mancha (5113B)
14 February 2022 - 6:00PM
UK Regulatory
TIDMALS
RNS Number : 5113B
Altus Strategies PLC
14 February 2022
Altus Strategies Plc / Index (EPIC): AIM (ALS); TSX-V (ALTS);
OTCQX (ALTUF) / Sector: Mining
14 February 2022
Altus Strategies Plc
("Altus" or the "Company")
Extension of Loan Facility from La Mancha
Altus Strategies Plc (AIM: ALS, TSX-V: ALTS, OTCQX: ALTUF)
announces that on 12 February 2022 the Company and La Mancha Fund
SCSp ("La Mancha") agreed to extend the repayment date ("Repayment
Date") of the acquisition loan facility ("Facility") between La
Mancha and the Company (see Company announcement of 17 August 2021)
maturing on 17 February 2022. The Repayment Date has now been
extended to 30 June 2022 ("Extension") and the annualised interest
rate of the Facility has been increased from 9% plus the United
States Dollar ("USD") London Inter-bank Offered Rate ("LIBOR") to
10% plus USD LIBOR. All other provisions of the Facility remain
unchanged.
Steven Poulton, Chief Executive of Altus, commented:
"Altus has received a number of attractive proposals from
recognised lenders to refinance the existing Facility that we have
with La Mancha, our largest shareholder. The level of interest we
have received reflects the high quality of our income-generating
royalty portfolio which we have been aggressively growing in the
last twelve months. However, Altus is assessing a number of further
potential royalty and other opportunities and believe the
flexibility derived from extending the existing Facility will have
value. We are pleased that La Mancha agree with our assessment and
have extended the Facility to 30 June 2022. I look forward to
providing further updates in due course."
La Mancha Facility
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), 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, a
Non-Executive Director of Altus, abstained from the board decision
approving the Extension.
The Extension is conditional on the approval of the TSX-V. A
material change report will be filed with the applicable Canadian
securities commissions, however, there was insufficient time to
file it at least 21 days before the Extension was agreed upon.
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 Corporate Finance LLP (Nominated
Adviser) Tel: +44 (0) 20 3470 0470
Richard Morrison / Adam Cowl
SP Angel Corporate Finance LLP (Broker)
Grant Barker Tel: +44 (0) 20 3470 0471
Rob Rees Tel: +44 (0) 20 3470 0535
Shard Capital Partners LLP (Broker)
Isabella Pierre / Damon Heath Tel: +44 (0) 20 7186 9927
Yellow Jersey PR (Financial PR & IR) Tel: +44 (0) 20 3004 9512
Charles Goodwin / Henry Wilkinson E-mail: altus@yellowjerseypr.com
About Altus Strategies Plc
Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a
mining royalty company generating a diversified and precious metal
focused portfolio of 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. 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. Upon publication
of this announcement, the inside information is now considered to
be in the public domain for the purposes of MAR.
**END**
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