en.Wedoany.com Reported - Aldebaran Resources has received shareholder approval and the final order from the Court of King's Bench of Alberta, moving the spin-off of its Argentine exploration subsidiary Centauri Minerals into its final execution phase. The transaction will be completed by distributing shares of the new company to Aldebaran shareholders, effecting the so-called Centauri Minerals spin-off, which aims to make Centauri an independent company focused on mineral exploration in northern Argentina, while Aldebaran continues to concentrate resources on developing its flagship copper-gold project Altar in San Juan Province.
Centauri Minerals was established as an exploration company from the outset, primarily developing assets in the provinces of Salta, Catamarca, and Jujuy. Its core asset is the Rio Grande project in Salta Province, which hosts gold and copper resources and is the most advanced project in the new company's portfolio. The portfolio also includes Aguas Calientes and other early-stage exploration projects in northern Argentina, all of which were transferred from Aldebaran as part of the restructuring. In recent years, these assets have played a secondary role within the Aldebaran system, and the goal of the spin-off is to enable Centauri to independently advance the development of these assets.
As part of the transaction, Aldebaran will distribute approximately 18.5 million Centauri shares to its shareholders, at a ratio of one Centauri share for every ten Aldebaran shares held, based on each shareholder's actual holdings as of the transaction determination date. The transaction does not change shareholders' ownership percentages in Aldebaran. Upon completion of the transaction, it is expected that Centauri's existing shareholders (other than Aldebaran) will hold approximately 22.15% of the new company's shares, Aldebaran will retain approximately 41.78%, and Aldebaran shareholders will receive the remaining approximately 36.08% through the distribution. Fractional shares will not be distributed, and any fractional amounts will be rounded down to the nearest whole number.
The spin-off follows Centauri's completion of a C$25.486 million placement through subscription receipts in July, with the funds used to support the company's operations and the spin-off process from Aldebaran. The placement consisted of a C$17.486 million private placement underwritten by intermediaries and a separate C$8 million non-intermediary placement. The funds are currently held in escrow and will only be released upon satisfaction of the transaction completion conditions. The new financial structure will provide funding for Centauri to advance its exploration programs, particularly the Rio Grande project in Salta Province.
After divesting its northern Argentine assets, Aldebaran Resources will continue to focus on the Altar copper-gold project in San Juan Province. The restructuring aims to enable each company to pursue independent strategies: Centauri focusing on exploration of northern Argentine projects, and Aldebaran continuing to advance Altar. The Rio Grande project will play a central role in Centauri's new portfolio. In March, Aldebaran and Centauri reported an increase in mineral resources at the Salta project; in June, the company also obtained drilling permits for Rio Grande, clearing a key hurdle to advancing exploration of the asset.
With shareholder approval and the final court order in place, the spin-off process has entered its final stage, and Centauri Minerals is poised to become an independent company focused on mineral exploration in Argentina.
