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Aldebaran to raise $3M

Argentina-focused Aldebaran Resources is raising C$3 million via the issue of new shares at 30c, with management to take up about 10% of the non-brokered private placement.
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The Altar copper-gold project in Argentina

Staff reporter

The 30c units have half-warrants attached entitling the holder to buy an additional 70c share within two years.

Aldebaran, spun out of Regulus Resources in 2018, says its two biggest shareholders, Route One Investment Company (49.48%) and Sibanye Stillwater (19.9%) have indicated they will take up their pro-rata share of the placement.

Aldebaran is working on a new mineral resource estimate for its Altar porphyry copper-gold project in San Juan Province, relogging 115,000m of existing core, and is funded to start the new exploration field season in November. The company is looking to find higher-grade mineralisation zones.

It can earn 60% of Altar by spending US$30 million on exploration over five years.

Aldebaran (TSXV: ALDE) is trading around C35c, capitalising it at $27.1 million.