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Aldebaran Resources Announces Closing of $4.8 Million Private Placement Financing
VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Aldebaran Resources Inc. (TSXV:ALDE) (“Aldebaran” or the “Company”) is pleased to announce that
About this update from Aldebaran Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) -- 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 16,000,000 units (the “Units”) were sold under the Offering at a price of $0.30 per Unit for total gross proceeds of $4,800,000. 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 September 15, 2022. 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 48% of the outstanding Common Shares and Sibanye Stillwater owns approximately 19.90%. Management of the Company subscribed for approximately 7.4% of the Offering. The net proceeds of the Offering will be used to support the Company’s current activities, which consist of a re-logging program of existing drill core, preparing a new mineral resource estimate for the Company’s Altar copper-gold project in San Juan Province, Argentina, planning an exploration campaign for the next field season commencing in November of this year, and for general corporate purposes. 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. The Company paid a cash finder’s fee of 5% to certain finders in respect to a portion of the Offering. All securities issued in connection with the Offering are subject to a four month hold period expiring on January 16, 2021. As noted above, certain insiders of Aldebaran acquired securities in the Offering. Any such participation would be considered a “related ...