Altius Announces Director Resignation, Genesee Lawsuit Defence Deadlines Extended
Altius Minerals Corp. (“Altius” or the “Company”) (ALS:TSX, ATUSF:OTC QX) reports that Guy Bentinck has tendered his resignation from the Board of Directors of Altius. This follows his recent departure from employment with Fairfax Africa in order to pursue other opportunities. Mr. Bentinck was a board nominee of Fairfax Financial Holdings Limited as per rights it was granted in relation to its ongoing $100 million preferred securities investment in Altius. The nominating committee of Altius will now work with Fairfax to select a new board nominee.
John Baker, Executive Chairman of Altius, commented, “We wish Guy all the best in the future and thank him for his dedication and positive contributions to our Company during his tenure as director”.
Altius also wishes to advise that it has received requests from both the Government of Alberta and the Government of Canada for extensions of time to provide statements of defense to the lawsuit filed against them by the Genesee Royalty Limited Partnership, of which Altius is indirectly the general partner. This suit claims $190 million in damages, while describing actions that it feels were tantamount to expropriation of its royalty interest in the Genesee mine, which serves and is integrated with the Genesee power plant in Alberta, Canada. The requests to extend have been granted in both cases to March 1, 2019 and a further update will be provided once the defences have been filed.
About Altius
Altius directly and indirectly holds diversified royalties and streams which generate revenue from 15 operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash, and thermal (electrical) and metallurgical coal. The portfolio also includes numerous predevelopment stage royalties covering a wide spectrum of mineral commodities and jurisdictions. Altius Minerals also holds a large portfolio of exploration stage projects which it has generated for deal making with industry partners that results in newly created royalties and equity and minority interests. Altius has 42,851,726 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.
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Contact
For further information, please contact
Flora Wood (fwood@altiusminerals.com) at 1.877.576.2209
