In late 2010 Altius announced that it has entered into an agreement with Paul van Eeden of Cranberry Capital Inc. ("Cranberry") to establish a new company that will invest principally in early stage mineral exploration businesses. Altius contributed $25 million in initial capital to the new company and Cranberry contributed $3 million while 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 supporter of Altius, and more recently in an advisory consultancy capacity. 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 Paul van Eeden and Altius invest together is particularly encouraging.
Paul van Eeden is an independent businessman with over 25 years of experience. He is the President of Cranberry, which, through its subsidiaries, is involved in equity financing, lending, mergers and acquisitions, and consulting to mineral exploration companies. Mr. van Eeden is a well-known investor and market commentator and previously operated a highly successful investment newsletter that focused on investments in the junior mineral exploration sector. He has built an extensive network of contacts throughout the global natural resources sector.