Aldebaran Resources Inc.
("
Aldebaran" or the
"
Company"
, ALDE TSX.V) is pleased
to announce that it has increased the size of its previously
announced non-brokered private placement of units (the
"
Offering") from $3,000,000 to $4,800,000. Upon
closing of the Offering, the Company will issue up to 16,000,000
units ("
Units") at a price of CAD$0.30 per Unit.
Each Unit will consist of one common share in the equity of the
Company (each, a "
Common Share") and one-half of
one share purchase 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 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 Offering is scheduled to close on or about
September 14, 2020, and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals of the
TSX Venture Exchange (the “Exchange”). The securities to be issued
under this Offering will be offered by way of private placement
exemptions in various provinces of Canada. The Units to be
issued under this Offering may also be offered 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, as amended. The Company may pay a cash finder’s fee of 5% to
qualified finders in respect to a portion of the Offering.
Certain insiders of Aldebaran will acquire
securities in the Offering. Any such participation would be
considered a “related party transaction” as defined under
Multilateral Instrument 61-101. The Company is relying on certain
exemptions in 61-101 based on the size of the Offering in
connection therewith.
The securities referred to in this news release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not
constitute an offer for sale of, nor a solicitation for offers to
buy, any securities in the United States. Any public offering
of securities in the United States must be made by means of a
prospectus containing detailed information about the issuer and its
management, as well as financial statements.
The Company also announces that it has issued an
aggregate of 2,300,000 stock options to employees, officers,
directors, and consultants. The stock options have an exercise
price of $0.40 per share and were granted in accordance with the
terms of the Company’s stock option plan, which has been approved
by the Company’s shareholders and the Exchange.
For further information, please
contact:
Aldebaran Resources Inc.
John E. Black CEO / DirectorPhone: +1 303
618-7797 mobile +1 720
514-9036 officeEmail: john.black@aldebaranresources.com
About Aldebaran Resources
Inc.
Aldebaran is a mineral exploration company that
was spun out of Regulus Resources Inc. in 2018 and has the same
core management team. Aldebaran acquired the Rio Grande copper-gold
project located in Salta Province, Argentina from Regulus along
with several other early stage projects in Argentina. Aldebaran
also has the right to earn up to an 80% interest in the Altar
copper-gold project in San Juan Province, Argentina from
Sibanye-Stillwater. Altar hosts a large porphyry copper-gold
system with mineralization currently defined in three distinct
zones. The Altar project forms part of a cluster of world-class
porphyry copper deposits which includes Los Pelambres (Antofagasta
Minerals), El Pachon (Glencore), and Los Azules (McEwen Mining). A
total of 259 drill holes (124,701 m) have been completed at Altar
between 1995 – 2019. In mid-2018 an updated NI 43-101 resource was
prepared for Altar by Independent Mining Consultants Inc (IMC)
based on the drilling completed up to 2017. The updated Altar
NI 43-101 report is available on Aldebaran's SEDAR profile at
www.sedar.com. Aldebaran’s primary focus is on the Altar project
with a view to discovering new zones with higher-grade
mineralization.
Forward-Looking Statements
Certain statements regarding Aldebaran,
including management's assessment of future plans and operations,
may constitute forward-looking statements under applicable
securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Aldebaran's control.
Often, but not always, forward-looking statements or information
can be identified by the use of 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.
Specifically, and without limitation, all
statements included in this press release that address activities,
events or developments that Aldebaran expects or anticipates will
or may occur in the future, including the proposed exploration and
development of the Altar project described herein, and management's
assessment of future plans and operations and statements with
respect to the completion of the Offering, completion of a new
resources estimate and anticipated exploration and development
programs, the impact of the COVID-19 pandemic on the Canadian and
worldwide economy, the Company’s workforce, world wide demand for
commodities and the Company’s business generally, may constitute
forward-looking statements under applicable securities laws and
necessarily involve known and unknown risks and uncertainties, most
of which are beyond Aldebaran's control. 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.
Although Aldebaran 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. The
forward looking statements contained in this press release are made
as of the date hereof and Aldebaran does not undertake any
obligation to publicly update or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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