Business
Regulus Resources Announces Closing of Spin-Out of Aldebaran Resources Inc.
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES. VANCOUVER, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Regulus Resourc
About this update from Regulus Resources Inc
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES. VANCOUVER, British Columbia, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (\"Regulus\" or the \"Company\") (TSX-V: REG) is pleased to announce that, further to its news releases of June 29, 2018, August 30, 2018, September 24, 2018, October 9, 2018 and October 22, 2018, it has completed the spin-out of Aldebaran Resources Inc. (\"Aldebaran\"). In addition, Aldebaran has entered into the previously announced joint venture and option agreement (the \"JV Agreement\") with Stillwater Canada LLC, an indirect subsidiary of Sibanye Gold Limited, trading as Sibanye-Stillwater (\"Sibanye-Stillwater\"), to acquire up to an 80% interest in the Altar Copper-Gold project in San Juan Province, Argentina (\"Altar\" or the \"Altar Project\"). John Black, CEO of Regulus and Aldebaran, commented as follows: “We are extremely pleased to have completed this transaction, which will allow Regulus to focus on its AntaKori project in Peru with no further funding obligations in Argentina, and provide Regulus shareholders with equity, at no cost, in a new well-funded mineral exploration company that will focus on the Altar Project, which management believes has considerable upside. I would also like to express our appreciation to the many people who assisted us in this rather complicated process, including our legal counsel, Denton Canada LLP, our financial advisor Maxit Capital LLP, and the other advisors noted below who participated in the process. I would also like to offer a special note of gratitude to Route One Investment Company L.P. whose unwavering financial support made all of this possible. We look forward to creating value for shareholders of both companies through the exploration and development of these high-potential projects.” The spin-out was completed by way of a statutory plan of arrangement under the Business Corporations Act (Alberta) (the \"Arrangement\") wherein, Regulus transferred its Argentine subsidiaries to Aldebaran in exchange for 30,331,534 common shares (\"Aldebaran Shares\") of Aldebaran, which have been distributed to Regulus shareholders on the basis of one Aldebaran Share for each three Regulus common shares held as of the close of business on September 28, 2018. In addition, Aldebaran has completed the prev...