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Aldebaran Announces Closing of Strategic Investment by South32

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Aldebaran Announces Closing of Strategic Investment by South32

 

 

 

 

 

Aldebaran Resources Inc. (TSX-V: ALDE) (OTCQX: ADBRF), is pleased to announce it has completed its previously announced non-brokered, $14.43 million private placement, led by a strategic investment from a wholly-owned subsidiary of South32 Limited (see news releases dated July 20, 2022 and August 5, 2022).

 

South32 acquired 13,700,000 common shares at a price of $0.78 per Common Share for total proceeds of $10,686,000. Route One Investment Company LLC, Aldebaran’s largest shareholder, partially exercised its participation right and acquired 4,800,000 Common Shares at a price of $0.78 per Common Share for total proceeds of $3,744,000. The Common Shares issued pursuant to the offering will be subject to a hold period expiring on December 13, 2022 in accordance with applicable securities laws.

 

Aldebaran intends to use the funds to advance the Altar copper-gold project located in San Juan, Argentina, and for general corporate purposes.

 

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 has the right to earn up to an 80% interest in the Altar copper-gold project in San Juan Province, Argentina from Sibanye Stillwater Limited. 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 Pachón (Glencore), and Los Azules (McEwen Copper). 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.

 

Posted August 16, 2022

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