Naguib Sawiris’ La Mancha mining company has signed a letter of intent to invest GBP 6.6 mn in Altus Strategies, the UK-based mining firm announced in a statement. The move would see La Mancha obtain a 34.5% stake in the company for around GBP 6.56 mn. The company would buy 124.23 mn shares at GBP 0.053 per share — a 20% premium on the closing market price on 2 November. Altus will launch a private placement of 58.5 mn shares simultaneously with La Mancha’s strategic investment. The La Mancha investment is expected to be completed by January 2020.

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