Aim- and TSX-V-listed Altus Strategies on Wednesday said its shareholders had approved all resolutions to effect the proposed strategic investment by mining investment group La Mancha Holding in the company.
Altus will issue about 124-million new ordinary shares at a price of C$0.09 apiece to La Mancha, for a consideration of C$11-million, or $8.4-million, on or about February 21.
Upon completion of the transaction, La Mancha will become a cornerstone shareholder, owning about 35.4% of the enlarged share capital of Altus. La Mancha will also appoint two representatives to Altus’ board of directors.