Altus Strategies Plc raised about £1.1 million before expenses through the placement of 11.1 million new ordinary shares of 1 pence each with existing and new institutional and sophisticated investors, at 10 pence per ordinary share.
The total number of ordinary shares on admission was 107,680,814, giving Altus a market capitalization of £10.8 million, according to an Aug. 10 release.
Altus intends to use proceeds to fund exploration across its portfolio of projects in Cameroon, Ethiopia, Morocco and Liberia, and for establishing new exploration opportunities and for working capital purposes.
According to a same-day Reuters report, the company's backers included JOGMEC and Sprott Global Resource Investments, which will hold about 16% of the Altus following the IPO.
JOGMEC and Altus have a joint venture agreement for copper development in Ethiopia, while ASX-listed Canyon Resources Ltd. is partnering with Altus to develop the bauxite discovery in Cameroon.
Altus nonexecutive Chairman David Netherway is also chairman of Canyon Resources.