The agreement, signed with private gold investment company La Mancha Holdings, proposes that the latter will buy 124mln of Altus’s shares for GBP6mln, to be completed in January 2020 pending shareholders’ approval.
“This transaction will prove transformative for Altus, providing the capital and expertise to fast track our project and royalty generation activities, as well as unlocking new external growth opportunities,” said Steven Poulton, chief executive at Altus.
9.30am: UP Global Sourcing sees no problem
The homewares retailer reported a 41% jump in total revenues to GBP123.3mln for the year ended 31 July, driven by growth across all its sales segments including discounters, supermarkets, online platforms and especially international customers.
The firm said the coming year’s order book is “moderately ahead” of this time last year and remains optimistic despite the UK economic conditions, which are set to remain challenging.
8.30am: Nanoco is up for grabs
The firm, a developer of applications incorporating semiconductor nanoparticles, issued a profit warning in June which pushed the price down from around 36p to 9.5p.
The quantum dot technology company reckons it probably has enough working capital to tide it over while it talks to potential bidders and customers but it has contingency plans in place if needed.