Raptor Resources Ltd. signed an agreement with Altus Strategies PLC to acquire up to a 100% interest in the latter's Moroccan-focused exploration subsidiary, which is currently advancing four copper and other base metal projects.
As a result, Raptor will earn up to 100% of Atlantic Resources Ltd., a wholly owned subsidiary of Altus unit Aterian Resources Ltd.
Altus noted in a Sept. 4 press release that it will receive equity in Raptor, an initial cash payment and a net smelter return royalty but the exact figures have not been disclosed as yet. Meanwhile, Altus will remain the operator of the projects.
Altus CEO Steven Poulton said that the agreement is in line with the company's strategy of "making and monetizing discoveries in Africa."
Additionally, Raptor intends to list its shares on the ASX, which was previously delayed.