Aldebaran Resources Inc. (ALDE) has closed its non-brokered unit private placement offering.
20,858,573 units were sold at a price of $0.45 per unit for total gross proceeds of $9,386,358.
Each unit consists of one common share and one-half of one warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.70 until May 3, 2023.
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. Aldebaran is currently executing a drill program at Altar, targeting deeper extensions of known higher-grade mineralization. Aldebaran intends to continue to drill until the end of the field season, which is typically in May.
An aggregate of $132,438 and 294,308 broker’s warrants (issued on the same terms as the warrants) was paid to certain finders, including Paradigm Capital Inc.
All securities issued in connection with the offering are subject to a four-month hold period expiring on September 3, 2021.
Aldebaran is a mineral exploration company. 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.
The Altar project hosts multiple porphyry copper-gold deposits with the potential for additional discoveries. Altar 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 (119,052 m) have been completed at Altar between 1995 and 2019. In March 2021 the company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020.
Aldebaran Resources Inc. (ALDE) opened trading at C$0.50 per share.