Altus to acquire Legend Gold

Altus to acquire Legend Gold
Image Source: CBC

By: Anine Kilian

It has offered Legend shareholders three of its shares for every Legend share held. Following the completion of the arrangement, Legend will be a wholly owned subsidiary of Altus. Legend shareholders will own about 27.6% of Altus when the deal is completed.

Altus will seek a dual listing on the TSX-V concurrently with closing of the transaction.

“Owing to the sector downturn, which started in 2011, we believe the value of Legend's projects has not been recognised by the TSX-V market. The projects are at various stages of advancement and offer the potential for near-term cashflow and discovery upside," Altus CEO Steven Polton said in a statement.

Legend CEO Michael Winn said the company’s combination with Altus will be positive and transformational for all Legend stakeholders, with an immediate premium for current shareholders.

“Altus . . . was founded and is managed by a team who have a considerable record in creating shareholder value from mineral exploration in [Africa]. Not only does Altus have the requisite skills and expertise to advance Legends' projects, our shareholders will benefit significantly from exposure to their diversified project generator portfolio and clear growth trajectory," he said.

Source: Mining Weekly

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