Solaris Resources Inc. (TSX:SLS) (OTCQB:SLSSF) has received an exercise of common share purchase warrants amounting to C$30.2 million since the release of the Company’s last quarterly results on November 8, 2022.
Notably, Mr. Richard Warke, the Company’s Executive Chairman, and Equinox Gold Corp. have exercised a total of 23.1 million warrants at a price of C$1.20, resulting in proceeds of C$27.7 million, which represents the final tranche of warrants held by these parties. After exercising the warrants, Equinox sold the remaining 7.5 million common shares of Solaris through the Toronto Stock Exchange.
The announcement comes on the heels of new assay results, with the company reporting on March 13, 2022 that ongoing drilling for resource expansion is enlarging the Northeast Extension of the ‘Indicative Starter Pit’, which encompasses an area of high-grade mineralization near the surface.
The mineralization has been estimated to be 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) based on the Warintza Mineral Resource Estimate² (“MRE”), which was derived from drilling conducted up to the end of 2021. Follow-up step-out drilling has been carried out, and the results are pending. Additional platforms are set to be constructed to continue drilling.