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Solaris raises C$20M ahead of IPO

Solaris Resources has completed a non-brokered private placement raising C$20 million ahead of its initial public offering, which is expected to occur in June.
Solaris raises C$20M ahead of IPO Solaris raises C$20M ahead of IPO Solaris raises C$20M ahead of IPO Solaris raises C$20M ahead of IPO Solaris raises C$20M ahead of IPO

Warintza in Ecuador

Solaris issued 25 million shares priced at 80c, with each unit including a three-year warrant priced at $1.20.

The proceeds will be used to advance exploration at the Warintza copper-molybdenum project in Ecuador, including a comprehensive geophysical survey and expanded drilling programme.

The private placement was fully subscribed by senior management, including executive chair Richard Warke, president and CEO Daniel Earle and strategic partner Equinox Gold.

"With about $25 million of cash on hand, the company is well financed to responsibly resume exploration at Warintza and to accelerate our drilling programme," said Earle in a statement.

Warintza was spun-out of Equinox into Solaris in June 2018 so that Equinox could focus on its portfolio of gold mines and development projects. Equinox's shares have increased in value more than ten-fold since then to C$12.55.

In addition to Warintza Solaris also holds the early stage Ricardo copper project in Chile, a 60% interest in the La Verde copper-silver-gold joint venture with Teck Resources in Mexico that is at preliminary assessment stage and earn-ins to two early-stage copper projects in Peru, Capricho and Paco Orco.