Solis Announces Closing of Tranche 1 of the Placement

Rhea-AI Summary

Solis Minerals (ASX: SLM, TSXV: SLMN, OTCQB: SLMFF) has successfully completed Tranche 1 of its Placement, raising A$1,866,703.70 through the issuance of 21,961,220 CHESS Depositary Interests (CDIs) at A$0.085 per New Share. Following this allotment, the company's total issued equity capital stands at 109,806,103 shares.

Assisting brokers received aggregate fees of 6% (A$112,002.22) for funds raised under Tranche 1. Tranche 2 of the Placement requires shareholder approval at a Special Shareholder Meeting scheduled for early April 2025. CDIs issued on ASX have a four-month and one-day holding period before conversion into common shares for Canadian trading.

Positive

• Successful capital raise of A$1.87M through Tranche 1
• Share price of A$0.085 established for the Placement

Negative

• 6% broker fees (A$112,002) reduce net proceeds
• Share dilution with 21.96M new shares issued
• 4-month trading restriction for CDI conversion to common shares

Perth, Western Australia--(Newsfile Corp. - March 5, 2025) - The Directors of Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) (FSE: 08W) ("Solis Minerals" or "the Company") is pleased to advise that the Company has closed Tranche 1 of the Placement, issuing a total of 21,961,220 CHESS Depositary Interests (CDIs) over common shares at A$0.085 per New Share to raise gross proceeds of A$1,866,703.70. The Company's total issued equity capital post Tranche 1 allotment is 109,806,103 shares.

Assisting brokers received, in aggregate, fees of 6% of the funds raised under the Placement, being a total of $112,002.22 in connection with the closing of Tranche 1.

As previously advised, Tranche 2 of the Placement is subject to shareholder approval to be sought at a Special Shareholder Meeting of the Company held on or around early April 2025.

CDIs trading on the ASX issued on account of the shares cannot be converted into common shares of the Company for the purposes of trading such shares in Canada until four months and one day have elapsed from the issuance date.

This announcement is authorised for release by the Board.

Contact Mitch Thomas Chief Executive Officer Solis Minerals Limited +61 458 890 355

Media & Broker Enquiries: Fiona Marshall & Jason Mack White Noise Communications fiona@whitenoisecomms.com jason@whitenoisecomms.com +61 400 512 109

 

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

About Solis Minerals Limited

Solis Minerals is an emerging exploration company, focused on unlocking the potential of its South American copper portfolio. The Company is building a significant copper portfolio around its core tenements of Ilo Este and Ilo Norte and elsewhere in the Coastal Belt of Peru and currently holds 81 exploration concessions for a total of 69,200Ha (46 concessions granted with 35 applications in process).

The Company is led by a highly-credentialled and proven team with excellent experience across the mining lifecycle in South America. Solis is actively considering a range of copper opportunities. South America is a key player in the global export market for copper and Solis, under its leadership team, is strategically positioned to capitalise on growth the opportunities within this mineral-rich region.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243498

FAQ

How much did Solis Minerals (SLMFF) raise in Tranche 1 of the Placement?

Solis Minerals raised A$1,866,703.70 through issuing 21,961,220 CDIs at A$0.085 per share in Tranche 1.

What is the current total issued equity capital of Solis Minerals (SLMFF) after Tranche 1?

After Tranche 1, Solis Minerals' total issued equity capital is 109,806,103 shares.

When will Tranche 2 of the SLMFF Placement be approved?

Tranche 2 requires shareholder approval at a Special Shareholder Meeting scheduled for early April 2025.

What are the broker fees paid for Tranche 1 of the SLMFF Placement?

Assisting brokers received 6% in fees, totaling A$112,002.22 for Tranche 1 of the Placement.