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Elemental Altus Completes Acquisition of Existing Royalty on Arizona Sonoran's Cactus Project from RCF Opportunities Fund L.P.
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Elemental Altus Royalties Co...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Completes Acquisition of Existing Royalty on Arizona Sonoran's Cactus Project from RCF Opportunities Fund L.P.Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") announces that further to its news release dated August 23, 2023, the Company has completed the acquisition of two existing royalties (the \"Acquisition\") from RCF Opportunities Fund L.P. for consideration of US$10,000,000 paid in 11,111,111 common shares of Elemental Altus at a price of C$1.20/share. Following the Acquisition, Elemental Altus has 195,990,392 common shares outstanding.The Royalties include an aggregate 0.68%1 net smelter return royalty on the Cactus Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc. (\"ASCU\", \"ASCUF\"), and a 0.5% gross revenue royalty on the Nyanga Copper-Nickel Project in Gabon, which is 100% owned by Armada Metals Limited (\"AMM\"). Frederick Bell, CEO of Elemental Altus, commented:\"The Cactus project substantially strengthens our advanced development stage royalty pipeline while adding further copper exposure in a Tier 1 jurisdiction, with a prefeasibility study on a materially expanded project due Q1 next year, and a definitive feasibility study due H2 '24. \"This acquisition is the Company's fifth to-date in 2023 and combined with the announced sales of our wholly-owned projects in Mali, Egypt and Ethiopia, eight transactions have been completed so far this year. \"We look forward to continuing to grow our portfolio by adding quality producing, development and exploration royalties, while having simultaneously fully outsourced expenditure on our projects to partners who are better placed to advance them through the next stages of development at no further cost to Elemental Altus shareholders. \"In that regard, we are pleased to note the announcement of Allied Gold's listing on the Toronto Stock Exchange following a ~US$267 million financing and look forward to following their progress at the Sadiola Mine, where Elemental Altus recently sold the nearby, near-production Diba Lakanfla project, including a shallow JORC oxide Resource which can be quickly sequenced through the Sadiola Mill.\"On behalf of Elemental Altus Royalties Corp.Frederick BellCEO and Directo...