Business
Aldebaran Resources Announces $5 Million Private Placement
VANCOUVER, British Columbia, April 07, 2021 (GLOBE NEWSWIRE) -- Aldebaran Resources Inc. ("Aldebaran" or the "Company", ALDE TSX.V) announces that it intends to
About this update from Aldebaran Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, April 07, 2021 (GLOBE NEWSWIRE) -- Aldebaran Resources Inc. (\"Aldebaran\" or the \"Company\", ALDE TSX.V) announces that it intends to complete a non-brokered private placement offering (the “Offering”) for aggregate proceeds of up to $5,000,000 through the issuance of 11,111,111 units of the Company (the “Units”) at a price of $0.45 per Unit. Each Unit will consist of one common share (“Common Share”) in the capital of the Company and one-half of one warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Common Share at a price of $0.70 until the second anniversary of the closing date of the Offering (the “Expiry Date”). The Company’s two largest shareholders, Route One Investment Company LLC (“ROIC”) and Sibanye Stillwater Limited. (“Sibanye-Stillwater”), have each indicated that they intend to exercise their rights under their respective Investment Agreements with the Company to subscribe for their pro-rata share of the Offering, with Sibanye-Stillwater’s subscription being subject to internal approval procedures. Route One currently owns approximately 47.58% of the outstanding shares of the Company and Sibanye owns approximately 19.90%. Management of the Company has indicated that they intend to participate in the Offering as well. 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. Two holes have been recently completed, with an additional two ongoing. The Company intends to continue to drill until the end of the field season, which is typically in May. The Offering is scheduled to close on or about April 29, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals of the TSX Venture Exchange. The Units to be issued under this Offering will be offered by way of private placement exemptions in various provinces of Canada as well as outside 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, ...