Diversified mining company South32 will increase its interest in Aldebaran Resources – a Vancouver-based company with copper and gold exploration assets in Argentina.
Aldebaran on Tuesday announced a C$17.47-million nonbrokered private placement, led by investments from South32 and Route One Investment Company.
In the first tranche, South32 will acquire 5.83-million shares at C$1.01 each to increase its interest in Aldebaran from 9.9% to 14.8%. In the second tranche, Route One will acquire 8.2-million shares, South32 will acquire 1.46-million shares and management will acquire 400 000 shares at C$0.88 each.
“This financing will put us in a strong position to execute an aggressive 2023/2024 field programme on the Altar project,” said Aldebaran CEO John Black.
Aldebaran has a joint venture and option agreement with Sibanye-Stillwater to earn up to an 80% interest in the Altar project.