Solaris closes $80.6 million financing led by Lundin family
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(Kitco News) - Solaris Resources (TSXV: SLS) today announced the closing of its previously announced non-brokered private placement of 15.5 million units at a price of C$5.20 per unit for total gross proceeds of C$80.6 million.
According to Solaris, the private placement was subscribed by the company’s insiders and strategic partners including Richard Warke, Equinox Gold, and trusts established by the Lundin family and other strategic investors.
The net proceeds from the private placement will be used to fund exploration activities, technical studies, community social relations programs and permitting at the company’s projects and for general and working capital purposes.
President & CEO Daniel Earle commented, “We greatly appreciate the steadfast support of our largest shareholders who subscribed for the majority of this placement; namely, Richard Warke, our Executive Chairman, Equinox Gold, and trusts established by the Lundin family. We are also delighted to welcome new global institutional investors to our shareholder base. The overwhelming interest in this financing was humbling, but we are now emboldened to accelerate and expand drilling within the Warintza porphyry cluster.”
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo project in Chile; and significant leverage to increasing copper prices through the 60%-interest in the development-stage La Verde joint-venture project with Teck Resources in Mexico.