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Altus Strategies has raised £7.7 million in an over-subscribed placing, helping the mining company boost cash reserves in the first quarter.
The net proceeds of this are being used to accelerate gold exploration programmes in Egypt and Mali.
Elsewhere, in the three months to 31 March 2021, cash balance were built up to £7.4 million.
This was despite a cash outflow of £1 million from operating activities.
Operationally, the company was awarded four gold exploration licences in Egypt and the granting of three new copper and silver projects in Morocco. Drilling has also been extended in Mali.
Altus CEO Steven Poulton said: 'This was another exciting quarter for Altus, in which the company significantly expanded its exploration project portfolio, including its first projects awarded in Egypt.
'We look forward to another exciting quarter ahead, including the commencement of fieldwork in Egypt and the further drilling programmes in Mali.'
At 1:27pm: (LON:ALS) Altus Strategies Plc share price was 0p at 61.5p