South32 exercises top-up right to maintain Aldebaran interest
Diversified mining company South32 has elected to exercise its top-up right to maintain a 9.9% equity interest in mineral exploration company Aldebaran.
The top-up right resulted from the warrant exercise announced earlier this month, which diluted South32 below 9.9% position.
South32 will acquire 970 000 shares at C$0.73 each for gross proceeds of C$708 100.
Aldebaran was spun out of Regulus Resources in 2018 and has the same core management team.
Aldebaran has the right to earn up to an 80% interest in the Altar copper/gold project in San Juan, Argentina, from Sibanye-Stillwater. The Altar project hosts multiple porphyry copper/gold deposits with potential for additional discoveries.
Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachón (Glencore) and Los Azules (McEwen Copper).
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