REG Regulus Resources Inc

Regulus Resources Inc. ("Regulus" or the "Company") (TSX VENTURE:REG) is pleased
to announce, further to the press releases dated February 8, 2012 and February
15, 2012, that it has completed its offering ("Offering") of subscription
receipts ("Subscription Receipts") of the Company. An aggregate of 23,194,238
Subscription Receipts were sold under the Offering at a price of $1.15 per
Subscription Receipt for total gross proceeds of $26,673,373.70. The Offering
was completed by a syndicate of agents which was led by Dundee Securities Ltd.
and included Axemen Resource Capital Ltd. and Stifel Nicolaus Canada Inc.
(collectively, the "Agents"). The gross proceeds of the Offering include an
additional $6,673,373.70 as a result of the exercise, in part, of the option
granted to the Agents in connection with the Offering. 


The gross proceeds of the Offering are being held in escrow and will be released
to the Company, if, at or before 5:00 p.m. (Eastern time) on May 31, 2012,
certain conditions are satisfied, including the satisfaction or waiver of all
conditions precedent to the arrangement agreement between the Company and
Pachamama Resources Ltd. Upon release of the escrowed funds to the Company, each
Subscription Receipt will be converted into one common share of Regulus (a
"Common Share") and one-half of one Common Share purchase warrant of Regulus
(each whole warrant, a "Warrant"), without additional payment or action on the
part of the holders of Subscription Receipts. Each Warrant shall entitle the
holder thereof to acquire one Common Share up to an including 5:00 p.m. (Eastern
Time) on March 6, 2014 at an exercise price of $1.60 per Common Share. The
Subscription Receipts (and any Common Shares or Warrants issued prior to July 7,
2012) will be subject to a hold period which shall expire on July 7, 2012. 


In connection with the release of the escrowed funds to the Company, the Agents
will be paid a cash commission equal to 5.0% of the gross proceeds of the
Offering (with exceptions for certain subscriptions under the Offering) and the
Company will also issue the Agents warrants to acquire that number of Common
Shares equal to 5.0% of the total number of Subscription Receipts sold under the
Offering (with exceptions for certain subscriptions under the Offering) at a
price of $1.60 per Common Share until March 6, 2014. 


The Company intends to use the proceeds of the Offering, upon release from
escrow, for further exploration of its Rio Grande Project and for general
corporate purposes.


About Regulus Resources Inc.

Regulus Resources Inc. (TSX VENTURE:REG) is a mineral exploration company formed
in December, 2010 in connection with the sale of Antares Minerals Inc. to First
Quantum Minerals Ltd. Regulus is currently exploring the Rio Grande copper-gold
porphyry project in Salta Province of NW Argentina on a 50/50 joint-venture
basis with Pachamama.


Forward-Looking Information

Certain statements regarding Regulus, including the anticipated use of proceeds
of the Offering, the completion of the arrangement involving Regulus and
Pachamama and other statements or information which uses the words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or
"believes" or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, may constitute forward-looking information or
forward-looking statements under applicable securities laws. Such
forward-looking statements and information necessarily involve known and unknown
risks and uncertainties, most of which are beyond Regulus' control. Such risks
and uncertainties include, but are not limited to: the impact of general
economic conditions in Canada and Argentina, industry conditions including
changes in laws and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced, in Canada and
Argentina, fluctuations in commodity prices, and consummation of the arrangement
being dependent on the satisfaction of customary closing conditions. These risks
may cause actual financial and operating results, performance, levels of
activity and achievements to differ materially from those expressed in, or
implied by, such forward-looking statements. Additionally, forward-looking
statements and information are based on certain key expectations and assumptions
made by Regulus, including assumptions concerning the state of the economy, the
mining exploration business and the receipt of all required approvals, which
expectations and assumptions management of Regulus believe to be reasonable at
this time. Although Regulus believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. Regulus does not undertake any obligation
to publicly update or revise any forward-looking statements other than required
by applicable securities law.

Regulus Resources (TSXV:REG)
Historical Stock Chart
From May 2024 to Jun 2024

Regulus Resources (TSXV:REG)
Historical Stock Chart
From Jun 2023 to Jun 2024