Aldebaran Announces Closing of $9,386,358 Private Placement Financing
May 03 2021 - 5:40PM
Aldebaran Resources Inc. (TSXV:ALDE) (“
Aldebaran”
or the “
Company”) is pleased to announce that it
has closed its previously announced non-brokered unit private
placement offering (the "
Offering"). An aggregate
of 20,858,573 units (the “
Units”) were sold under
the Offering at a price of $0.45 per Unit for total gross proceeds
of $9,386,358. Each Unit consists of one common share
(“
Common Shares”) in the capital of the Company
and one-half of one warrant (each whole warrant, a
“
Warrant”). Each Warrant entitles the holder to
purchase one additional Common Share at a price of $0.70 until May
3, 2023. All dollar amounts in this press release are expressed in
Canadian currency.
The Company’s two largest shareholders, being
Sibanye Stillwater Limited (“Sibanye Stillwater”)
and certain funds controlled by Route One Investment Company LLC
(“Route One”), have each exercised their rights
under their respective Investment Agreements with the Company to
subscribe for their pro-rata share of the Offering. Route One
currently owns approximately 46.34% of the outstanding Common
Shares and Sibanye Stillwater owns approximately 19.90%. Management
of the Company subscribed for approximately 5.33% of the
Offering.
The proceeds of the Offering will be used
towards the ongoing drill program at the Company’s Altar
copper-gold project in Argentina, and for general corporate
purposes. The Company is currently executing a drill program at
Altar, targeting deeper extensions of known higher-grade
mineralization. The Company intends to continue to drill until the
end of the field season, which is typically in May.
The Units were offered and sold by way of
private placement exemptions in various provinces of Canada
pursuant to applicable exemptions, and in the United States on a
private placement basis pursuant to exemptions from the
registration requirements of the United States Securities Act of
1933, as amended. An aggregate of $132,438 and 294,308 broker’s
warrants (issued on the same terms as the Warrants) was paid to
certain finders, including Paradigm Capital Inc., in respect to
portions of the Offering. All securities issued in connection with
the Offering are subject to a four month hold period expiring on
September 3, 2021.
As noted above, certain insiders of Aldebaran
acquired securities in the Offering. Any such participation
would be considered a “related party transaction” as defined under
Multilateral Instrument 61-101. The Company is relying on certain
exemptions in 61-101 based on the size of the Offering in
connection therewith.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein in the United States. The securities described
herein have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered
or sold in the United States or to the account or benefit of a U.S.
person absent an exemption from the registration requirements of
such Act.
For further information, please consult
our website at www.aldebaranresources.com or
contact:
Laura BrangwinInvestor Relations ManagerPhone:
+1 646 583-1404 Email: laura.brangwin@aldebaranresources.com
About Aldebaran Resources
Inc.
Aldebaran is a mineral exploration company that
was spun out of Regulus Resources Inc. in 2018 and has the same
core management team. Aldebaran acquired the Rio Grande copper-gold
project located in Salta Province, Argentina from Regulus along
with several other early-stage projects in Argentina. Aldebaran
also has the right to earn up to an 80% interest in the Altar
copper-gold project in San Juan Province, Argentina from Sibanye
Stillwater. The Altar project hosts multiple porphyry copper-gold
deposits with potential for additional discoveries. Altar forms
part of a cluster of world-class porphyry copper deposits which
includes Los Pelambres (Antofagasta Minerals), El Pachon
(Glencore), and Los Azules (McEwen Mining). A total of 259 drill
holes (119,052 m) have been completed at Altar between 1995
and 2019. In March 2021 the Company announced an updated mineral
resource estimate for Altar, prepared by Independent Mining
Consultants Inc. and based on the drilling completed up to and
including 2020. The Company is in the process of finalizing the NI
43-101 Technical Report and will file it on SEDAR once completed.
Aldebaran’s primary focus is the Altar project with a view to
discovering new zones with higher-grade mineralization.
Forward-Looking Statements
Certain statements regarding Aldebaran,
including management's assessment of future plans and operations,
may constitute forward-looking statements under applicable
securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Aldebaran's control.
Often, but not always, forward-looking statements or information
can be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate" or "believes" or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be
achieved.
Specifically, and without limitation, all
statements included in this press release that address activities,
events or developments that Aldebaran expects or anticipates will
or may occur in the future, including the proposed
exploration and development of the Altar project described
herein, the use of proceeds of the Offering, availability of
exemptions from MI 61-101, management's assessment of future plans
and operations and statements with respect to the completion of the
Offering and anticipated exploration and development programs, may
constitute forward-looking statements under applicable securities
laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Aldebaran's control. These
risks may cause actual financial and operating results,
performance, levels of activity and achievements to differ
materially from those expressed in, or implied by, such
forward-looking statements. Although Aldebaran believes that
the expectations represented in such forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct. The forward looking statements contained in
this press release are made as of the date hereof and Aldebaran
does not undertake any obligation to publicly update or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Aldebaran Resources (TSXV:ALDE)
Historical Stock Chart
From Apr 2024 to May 2024
Aldebaran Resources (TSXV:ALDE)
Historical Stock Chart
From May 2023 to May 2024