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Altus Strategies raising about C$5M for exploration in Africa

Altus Strategies Plc is raising up to C$5 million for exploration and generative work in Africa and for general corporate purposes. Closing is expected the week of April 2.

The company said March 2 that it is undertaking a nonbrokered private placement of units to raise at least C$2.5 million and up to C$5 million at an issue price of 15 cents per unit. Each unit will include 1 share and one share purchase warrant, exercisable at 30 cents per share for five years.

Altus Strategies, now listed on the London Stock Exchange's AIM, expects approval for its listing on the TSX Venture Exchange shortly after the offering is completed.

The company's portfolio includes projects in Cameroon, Ethiopia, Liberia and Morocco targeting gold, bauxite, copper, iron ore and zinc, and it recently secured a new exploration license in Morocco, prospective for copper, tungsten, tin and lead.