Altius Minerals Corp. said March 22 that it agreed to buy 18,797,454 common shares of Alderon Iron Ore Corp. from Liberty Metals and Mining Holdings LLC, raising its stake in the miner to about 39%.
Altius owns shares equivalent to about a 24% stake in Alderon Iron. Altius did not disclose the purchase price but noted that the March 21 closing price of Alderon's shares on the Toronto Stock Exchange was 24 Canadian cents each.
The deal is expected to close by March 31, and Altius will hold the Alderon stakes for investment purposes.
Alderon's assets include the Kamistiatusset iron ore-manganese project in Newfoundland and Labrador.