Equinox Gold announces sale of Solaris Resources shares for C$70.4 million
(Kitco News) - Equinox Gold (NYSE: EQX, TSX: EQX) announced today that it has sold an aggregate 11,000,000 common shares of Solaris Resources (TSX: SLS) in the ordinary course for investment purposes through the facilities of the Toronto Stock Exchange through block trades for aggregate gross proceeds of C$70.4 million.
Equinox Gold said that immediately prior to the transaction, the company owned 15,545,487 common shares of Solaris and warrants entitling Equinox Gold to purchase 7,500,000 common shares of Solaris representing approximately 17.88% of Solaris on a partially diluted basis.
"As a result of the transaction, including any exercise of the warrants, Equinox Gold's ownership has decreased to less than 10% of the issued and outstanding common shares of Solaris and Equinox Gold has ceased to be a "reporting insider" as defined in National Instrument 55-104 – Insider Reporting Requirements," the company added.
Accordingly, Equinox Gold said it will no longer file insider or early warning reports in respect of its ownership of securities of Solaris, except as required by applicable law.
Equinox Gold also noted it remains a supportive shareholder of Solaris and does not currently plan to make any additional changes to its interest.
Importantly, pursuant to the transaction, Equinox Gold said it has agreed not to sell any of its remaining Solaris securities for 120 days.
Equinox Gold is a Canadian mining company operating entirely in the Americas, with six gold mines, a mine in commissioning, and a plan to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.
Solaris is advancing a portfolio of copper assets in the Americas, focused on its Warintza project in Ecuador that features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open pit resource inventory at Warintza Central.
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