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Regulus Resources Announces US$15 Million (C$20.5 Million) Strategic Investment by Nuton, a Rio Tinto Venture
VANCOUVER, British Columbia, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Regulus Resources Inc. ("Regulus" or the "Company", TSX-V: REG, OTCQX: RGLSF) is pleased to annou
About this update from Regulus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (\"Regulus\" or the \"Company\", TSX-V: REG, OTCQX: RGLSF) is pleased to announce a US$15,000,000 (approx. C$20,460,153*) non-brokered private placement (the “Private Placement”), by Nuton, a Rio Tinto Venture (“Nuton”). Highlights Regulus is completing a Private Placement of US$15,000,000 (approx. C$20,460,153*) at a subscription price of C$1.02 per common share Nuton will subscribe for 20,058,974 common shares (the “Nuton Subscription”) Upon closing, Nuton will own an approximate 16.5% interest in Regulus Regulus and Nuton will jointly undertake copper sulphide leach testing utilizing Nuton’s copper sulphide leach technologies with samples from AntaKori The Nuton™ technologies have the potential to process arsenic-bearing copper sulphides with less impact on the environment and water resources than traditional concentrator processing The Private Placement will put Regulus in a very strong cash position Adding Rio Tinto as a strategic partner will enhance Regulus’ ability to optimize the value of the existing resources at AntaKori and explore various options with the neighbouring Tantahuatay mine to optimize the combined Tantahuatay-AntaKori copper gold sulphide deposit (TantaKori). John Black, Chief Executive Officer of Regulus, commented as follows: “We are delighted to welcome Rio Tinto as a strategic investor in the Company. The investment by Rio Tinto, one of the largest miners in the world, is another strong endorsement for the AntaKori project. Through Nuton, Rio Tinto has developed sulphide leach processing technologies that could allow for the processing of high arsenic ores without the need for additional on-site treatment or paying heavy penalties to a smelter. Utilizing the Nuton sulphide leach technologies could truly be a game-changer for the AntaKori deposit. The Private Placement will significantly bolster our financial position and enhance our ability to optimize the value of the existing resources in the project area.” Rio Tinto’s Chief Executive, Copper, Bold Baatar, commented as follows: “This agreement will allow us to evaluate the potential to commercially deploy Rio Tinto’s innovative Nuton technologies for copper leaching at Regulus’ AntaKori project. Our Nuton technologies have the capacity to increase coppe...