Canadian mining company Altus Strategies has reached a binding agreement to acquire Legend Gold, which has projects in the Republic of Mali.

Under the agreement, Altus will acquire the entire issued and outstanding common shares of LGN Holdings (BVI), being the owner of the Legend Projects.

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Under a plan of arrangement, the company will offer three shares to Legend shareholders for each common share they hold in Legend.

Altus Strategies chief executive Steven Poulton said: “We are delighted to have concluded this agreement with Legend, which has a portfolio of high-quality and strategically located gold projects in western and southern Mali.

“The projects are at various stages of advancement and offer the potential for near-term cash-flow and discovery upside.”

The acquisition will help the company to have continued exposure to Legend’s assets through the enlarged entity.

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“The projects are at various stages of advancement and offer the potential for near-term cash-flow and discovery upside.”

In addition, the transaction is expected to offer enhanced liquidity.

Following the arrangement, Altus will issue a total of 41,060,256 new shares, with Legend shareholders owning 27.6% of the enlarged undiluted issued share capital of the company.

Some of the projects under Legend’s portfolio include Korali Sud, Lakanfla, and Pitiangoma Est licences.

The Korali Sud licence is spread over 83km² and hosts the Diba gold project, where drilling indicated intersections of 5.36g/t Au over 13m and 13.88g/t Au over 8m.

The Pitiangoma Est licence is held under a joint venture with Resolute Mining.

Subject to legend shareholder, court, and regulatory approvals, the transaction is expected to enable Altus to seek a dual listing on the TSX Venture exchange.

Earlier this month, the companies entered into a non-binding letter of intent for the acquisition.