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VANCOUVER, British Columbia, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Aldebaran Resources Inc. ("Aldebaran" or the "Company") (TSXV:ALDE, OTCQX:ADBRF), is pleased to announce it has completed its previously announced $20.5 million financing, led by a strategic investment from a wholly-owned subsidiary of South32 Limited ("South32"). The financing was completed via a non-brokered private placement (the "Private Placement"). The Company issued 1,000,000 common shares in the capital of the Company (the "LIFE Shares") pursuant to the listed issuer financing exemption under part 5A of National Instrument 45?106 – Prospectus Exemptions ("NI 45-106"). The balance of the Shares were issued pursuant to other exemptions from the prospectus requirements found in NI 45?106.
Under the Private Placement, South32 acquired 8,528,756 common shares ("Common Shares") at $1.01 per Common Share and 1,962,000 Common Shares at $0.88 per Common Share; Route One Investment Company LLC ("Route One") and management of the Company acquired 10,100,000 Common Shares at $0.88 per Common Share; and the Company issued 1,000,000 LIFE Shares at a price of $0.88 per Common Share. Subject to TSX Venture Exchange hold periods on certain LIFE Shares issued to insiders, the LIFE Shares issued are not subject to any resale restrictions pursuant to Canadian securities laws. The balance of the Common Shares issued under the Private Placement are subject to a hold period until January 28, 2024.
Aldebaran intends to use the funds to advance the Altar copper-gold project located in San Juan, Argentina, and for general corporate purposes.
Pursuant to the Private Placement, South32 Group Operations Pty Ltd. (the "Investor"), a company existing under the laws of Australia with head office at Level 35, 108 St Georges Terrace, Perth, Western Australia 6000, acquired control over 10,490,756 Common Shares for a total consideration of $10,340,603.56. Immediately prior to the closing of the Private Placement (the "Closing"), the Investor held, directly or indirectly, 14,670,000 Common Shares of the Company, representing approximately 9.9% of the then-issued and outstanding Common Shares of the Company on a non-diluted basis and 9.1% on a fully-diluted basis. Immediately following the Closing, the Investor held, directly or indirectly, 25,160,756 Common Shares of the Company, representing approximately 14.8% of issued and outstanding Common Shares of the Company on a non-diluted basis and 13.8% on a fully-diluted basis. As a result of the Closing, the security holding percentage of the Investor increased by approximately 4.9% in respect ...