- South32 will invest C$10.3 million in Aldebaran Resources by way of a non-brokered private placement
- South32 will own approximately 10 per cent of Aldebaran’s issued and outstanding common shares
- Aldebaran will use the proceeds of the strategic investment to fund exploration activities at the Altar project in Argentina
- Aldebaran is a Canadian mineral exploration company
- Aldebaran Resources Inc. (ALDE) opened trading at C$0.64
Aldebaran Resources (ALDE) has announced a $10,296,000 non-brokered private placement with a subsidiary of South32 Limited.
Aldebaran will issue 13,200,000 common shares to South32, for $0.78 per share.
Upon closing of the private placement, South32 will own approximately 10 per cent of Aldebaran’s issued and outstanding common shares.
Aldebaran will use the proceeds of the strategic investment to fund exploration activities at Altar.
The financing is expected to close on or about August 9th.
John Black, CEO of Aldebaran commented on the capital raise.
“We are pleased to welcome South32 as a strategic investor in the Company. The investment by South32, a diversified mining and metals company with operations and projects across the globe, is a strong endorsement of the Altar project. With this financing in place, we are well positioned for a substantial drill campaign at the Altar project starting in Q4 2022.”
South32 will be granted certain participation and top-up rights, allowing South32 to maintain its equity interest. South32 will also be allowed to nominate a director to the board of directors if it obtains a 12.5 per cent equity interest in Aldebaran.
Aldebaran and South32 will form a joint advisory committee to share expertise, exploration concepts and discuss exploration activities at the Altar project.
Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. Aldebaran has the right to earn up to an 80 per cent interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater Limited.
Aldebaran Resources Inc. (ALDE) opened trading at C$0.64.