Altius Minerals Corp. announced today it has entered into an agreement with Cranberry Capital Inc. to establish a new company that will invest principally in early stage mineral exploration businesses.
According to a news release, Altius will contribute $25 million in initial capital to the new company while Cranberry will contribute $3 million and its president Paul van Eeden will become the president and CEO of the new company.
"Altius has a long history with Paul in his roles as a former stock broker and substantial shareholder of our company, and more recently in an advisory consultancy capacity with us,” said Altius' President and CEO Brian Dalton.
“We believe that an excellent opportunity exists for capital growth through patient investment in early stage companies and that Paul's background, industry contacts and track record make him ideally suited to identify such investments. The structure of the new company that sees Cranberry Capital and Altius invest together is particularly encouraging."