Solaris Receives Proceeds from Warrant Exercises of C$30.2 Million, Including Significant Exercises by Richard Warke and Equinox Gold Corp.

Rhea-AI Summary

On March 29, 2023, Solaris Resources (OTCQB: SLSSF) announced that it has received exercises of common share purchase warrants totaling C$30.2 million since its last quarterly results on November 8, 2022. Notably, Executive Chairman Richard Warke and Equinox Gold exercised 23.1 million warrants at C$1.20, generating C$27.7 million. Following this, Equinox sold its remaining 7.5 million shares of Solaris on the Toronto Stock Exchange. Solaris continues to advance its portfolio of copper and gold assets across the Americas, focusing on significant projects in Ecuador, Chile, and Peru.

Positive

• Received C$30.2 million from warrant exercises since November 2022.
• Richard Warke and Equinox Gold exercised 23.1 million warrants, boosting liquidity with C$27.7 million.

Negative

• Equinox sold its remaining shares, which could affect investor confidence.

VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce that the Company has received exercises of common share purchase warrants (“warrants”) totaling C$30.2 million since the Company’s last quarterly results dated November 8, 2022.

Notably, the Company’s Executive Chairman, Mr. Richard Warke, and Equinox Gold Corp. (“Equinox”) have exercised a total of 23.1 million warrants at a price of C$1.20 for proceeds of C$27.7 million, representing the final tranche of warrants held by these parties. Following the exercise, Equinox sold its remaining 7.5 million common shares of Solaris through the facilities of the Toronto Stock Exchange. 

On behalf of the Board of Solaris Resources Inc.

“Daniel Earle”
President & CEO, Director

For Further Information

Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com

About Solaris Resources Inc.

Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

FAQ

How much funding did Solaris Resources raise from warrant exercises?

Solaris Resources raised C$30.2 million from warrant exercises since November 2022.

What is the significance of Equinox Gold's warrant exercise?

Equinox Gold's exercise of 23.1 million warrants generated C$27.7 million for Solaris Resources.

Did Equinox Gold sell any shares of Solaris Resources?

Yes, Equinox sold its remaining 7.5 million common shares of Solaris after exercising the warrants.

What projects is Solaris Resources focusing on?

Solaris Resources is advancing its copper and gold assets, especially in projects located in Ecuador, Chile, and Peru.