The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project acquisitions and further target refinement on existing projects to advance towards new partnerships.
Solaris intends to use the net proceeds of the Private Placement to advance exploration permitting at its mineral claims and for general and working capital purposes.
With intercepts of over 48m of multi-ounce values, near surface, these infill holes build our confidence in the continuity, grade and overall potential at Margarita, commented Ruben Padilla, Vice President of Exploration for Sable.
Paul Benson, President and CEO commented, “Completing this Offering provides certainty to our capital structure, while lowering the interest rate of our debt. With our existing 2013 convertible notes having an effective maturity on February 1, 2020, the Offering enables us to immediately repurchase approximately $150 million of the 2013 convertible notes and provides the capital to redeem the outstanding balance early next year. The refinancing also maintains our conservative leverage ratio and provides a stronger capital base as we continue investing in our assets and evaluating further opportunities that will benefit our shareholders. We believe cash remains a strategic asset and provides a competitive advantage in market conditions that remain challenging for equity capital.”
The Phase II sampling at Las Margaritas is demonstrating excellent continuity of gold mineralization along strike, stated Gainey CEO, David Coburn. This is allowing the field team to focus on the most prospective areas in order to begin generating drill targets. While there are several artisanal mine workings along the vein system, it has never been drilled and we look forward to testing the vertical continuity of the gold mineralization.
Since first arriving at Ixtaca in 2001, Almaden, through a Mexican subsidiary, has worked diligently and transparently to interact in a culturally and socially appropriate manner with all people in the local area, regardless of their gender, cultural heritage, beliefs, sexual orientation, or level of education. Our outreach and communications have been open to all and conducted in a manner respectful of all people, and witnessed and confirmed by numerous legitimate external governmental and non-governmental organizations, entities, investors, and individuals during site visits.
The maiden drill program at Cerro Cascaron demonstrates significant potential to discover a low to intermediate sulphidation epithermal gold deposit, specifically at the Serpiente Dorada and San Pedro areas, commented Stewart Harris, VP of Technical Services. Drilling at Serpiente Dorada delineated a significant structural corridor containing local high-grade gold mineralization. Well-developed quartz fissure veins within a broad stockwork containing moderate gold grades and epithermal textures exists at San Pedro, and drilling has aided in vectoring toward a deeper and possibly higher grade gold target. Additional drilling is needed to follow up both areas and for exploration of several untested targets.
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