Nuton Acquires Common Shares of Regulus Resources
January 30 2023 - 7:35AM
Business Wire
Rio Tinto venture Nuton LLC (“Nuton”) has completed an arm’s
length non-brokered private placement financing with Regulus
("Regulus" or the “Company”) for a strategic investment of US$15
million (C$20,460,1531) (the “Financing”).
Pursuant to the Financing, Nuton was issued 20,058,974 common
shares in the capital of the Company (each, a “Common Share”) at an
issuance price equal to C$1.02 per Common Share. Upon completion of
the Financing, Nuton acquired beneficial ownership and control over
20,058,974 Common Shares representing 16.1% of the issued and
outstanding Common Shares on completion on a non-diluted basis.
In connection with the Financing, Regulus and Nuton have entered
into a collaboration agreement wherein Nuton was granted certain
investor rights, including allowing Nuton to maintain its equity
interest in Regulus if it maintains said interest above 10%.
Additionally, Nuton shall be allowed to nominate a director to the
board of directors of Regulus. The Company and Nuton have agreed to
form a joint advisory committee to share expertise, exploration
concepts and discuss development opportunities at the Company’s
AntaKori project in Peru. The Company has granted exclusivity to
Nuton in the area of novel, patented or trade secret leaching
technologies, for a period of one year after the delivery of
metallurgical samples from AntaKori to Nuton for testing. For a
one-year period, Nuton has agreed to not sell any share of Regulus,
acquire greater than a 19.9% interest in the Company and vote its
common shares in favour of each director nominated by the Company.
Nuton acquired the Common Shares for investment purposes.
This news release is issued pursuant to the early warning
requirements of Canada’s National Instrument 62-104 and National
Instrument 62-103 with respect to common shares of Regulus
Resources Inc.
For further information and to obtain a copy of the early
warning report filed under applicable Canadian provincial and
territorial securities legislation in connection with the
Transaction, please go to the Company's profile on the SEDAR
website (www.sedar.com) or contact Rio Tinto’s Group Company
Secretary.
Notes to editors
Nuton is an innovative new venture that aims to help grow Rio
Tinto’s copper business. At the core of Nuton is a portfolio of
proprietary copper leach-related technologies and capability – a
product of almost 30 years of research and development. Nuton
technologies offer the potential to economically unlock copper
sulphide resources, copper bearing waste and tailings, and achieve
higher copper recoveries on oxide and transitional material,
allowing for a significantly increased copper production. One of
the key differentiators of Nuton is the potential to deliver
leading environmental performance, including more efficient water
usage, lower carbon emissions, and the ability to reclaim mine
sites by reprocessing mine waste.
1 Based on CAD/USD exchange rate on December 21, 2022, the date
of announcement of the Financing.
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version on businesswire.com: https://www.businesswire.com/news/home/20230127005386/en/
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