Sibanye reaches significant milestones in transaction with Regulus
JSE- and NYSE-listed Sibanye-Stillwater has reached significant milestones in its arrangement agreement with Regulus Resources and a newly-formed Regulus subsidiary, Aldebaran Resources, to unlock value at the Altar copper/gold project, in Argentina.
Sibanye in June entered into the agreement with Regulus and Aldebaran to create a strategic partnership to unlock value at the Altar project.
The milestones achieved to date include 99.8% of Regulus shareholders being in favour of the arrangement, as well as obtaining the requisite final court order from the Alberta Court of Queen’s Bench.
However, the closure of the transaction remains subject to the satisfaction of customary closing conditions, including receipt from the TSX-V of conditional listing approval for the Aldebaran shares.
The transaction will result in Sibanye benefiting from upfront proceeds of $15-million, while retaining a direct interest in the project of either 40% or 20%, should Aldebaran exercise its additional earn-in option, as well as an indirect exposure through its 19.9% shareholding in Aldebaran.
Sibanye will also gain indirect exposure to the Argentine exploration assets that Aldebaran will be acquiring from Regulus as part of the transaction, including the Rio Grande and Aguas Calientes projects, besides others.
Closure and implementation of the transaction is dependent on the successful listing of Aldebaran Resources on the TSX-V, which is anticipated to occur during the fourth quarter of the year.
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