Solaris Resources (SLS-V) Closes Cdn$1.2 Million Placement with Lundin Family
June 11, '20 - NR
Solaris Resources is pleased to announce advancement of the conditional approval received from the TSX Venture Exchange (the "Exchange") for listing of its shares on the Exchange as a Tier 2 issuer under the symbol "TSXV: SLS". Subject to fulfillment of customary conditions, the listing is expected to occur in the third quarter. No public offering of shares is anticipated in connection with the listing.
In addition, and separate to the listing, the Company announces that it has completed a non-brokered private placement financing with trusts established by the Lundin Family ("Lundin"), raising proceeds of C$1.2 million. The proceeds will be used to advance exploration efforts at the Company's properties, and for general and working capital purposes.
Pursuant to the private placement, Solaris issued 1,500,000 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 Lundin to acquire one common share at a price of C$1.20 for a period of three years.
Mr. Daniel Earle, President & CEO, commented, "We are very proud to have the continued support of Lundin among our strategic shareholders. The Lundin brand is renowned for environmentally and socially responsible resource development in Ecuador, an approach wholly embraced by Solaris. With over C$25 million of cash on hand, the Company is well positioned to complete our listing and resume exploration at Warintza, with strict protocols in place to protect the health and safety of our workers and partner communities."
Final approval of the listing is subject to Solaris meeting certain standard requirements of the Exchange. The Company expects to satisfy all of the requirements and will make a further announcement once the Exchange has issued a bulletin confirming the date on which trading will commence.
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.
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com |
