VANCOUVER, May 28, 2020 /CNW/ – Solaris Resources Inc. (“Solaris” or the “Company”) has completed a non-brokered private placement financing raising gross proceeds of C$20 million (the “Private Placement”).
Pursuant to the Private Placement, Solaris issued 25,000,000 units of the Company at a price of C$0.80 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of C$1.20 for a period of three years.
The proceeds from the Private Placement will be used to advance exploration efforts at the Company’s properties, including a comprehensive geophysical survey and expanded drilling program at Warintza, and for general and working capital purposes.
The Private Placement was fully subscribed by senior management, including Richard Warke, Executive Chairman, and Daniel Earle, President and CEO, and by Equinox Gold, a strategic partner to the Company.
Mr. Earle commented, “We greatly appreciate the steadfast support of our largest shareholders amidst the market turmoil brought on by the COVID-19 pandemic. With approximately C$25 million of cash on hand, the company is well financed to responsibly resume exploration at Warintza, and to accelerate our drilling program, with strict protocols in place to protect the health and safety of our workers and partner communities.”
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
About Solaris Resources Inc.
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. Solaris Resources operates as a reporting issuer, however, is not currently listed on a designated stock exchange.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “intention”, “will”, “may”, “can”, and similar expressions are intended to identify forward-looking statements. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Solaris can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Solaris’ Management’s Discussion and Analysis for the year ended December 31, 2019 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE Solaris Resources Inc.
For further information: Jacqueline Wagenaar, VP Investor Relations, Direct: 416-366-5678 Ext. 203, Email: [email protected]
Original Article: https://www.newswire.ca/news-releases/solaris-completes-c-20-million-private-placement-845875007.html
