Solaris Resources (TSX:SLS) Raises $53.9 Million in Bought Deal Equity Offering and Private Placement

The Warintza Project. Source: Solaris Resources

Solaris Resources (TSX:SLS; NYSEAmerican:SLSR) has announced the successful closing of its bought deal equity offering and a private placement, raising aggregate gross proceeds of approximately $53.9 million. The funds will be used to support the company’s ongoing exploration and development activities at its flagship Warintza Project in southeastern Ecuador and other regional exploration initiatives.

The bought deal equity offering, which closed on June 10, 2024, saw the company issue 8,222,500 common shares, including the full exercise of the over-allotment option by the underwriters, at a price of $4.90 per share. The offering generated gross proceeds of $40,290,250 and was completed pursuant to an underwriting agreement dated May 27, 2024, between Solaris Resources Inc. and a syndicate of underwriters led by National Bank Financial Markets, RBC Capital Markets, and BMO Capital Markets, acting as Joint Bookrunners.

In addition to the bought deal, the company also closed a private placement, issuing 2,795,102 common shares at the same price of $4.90 per share, raising an additional $13,696,000 (US$10,000,000). This private placement represents the drawdown of the second equity tranche of Solaris Resources Inc.’s previously announced offtake financing package.

The net proceeds from both the bought deal and private placement will be allocated to fund an expanded exploration and infill drilling program at the company’s Warintza Project, which boasts a world-class copper resource with significant expansion and discovery potential. The funds will also be used to enhance regional exploration activities, including fieldwork on ten recently awarded exploration concessions, as well as for working capital and general corporate purposes.

Solaris Resources Inc. continues to advance its impressive portfolio of copper and gold assets in the Americas. In addition to the Warintza Project in Ecuador, the company holds a series of grass roots exploration projects with discovery potential in Peru and Chile, and maintains 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.

The successful completion of the bought deal equity offering and private placement demonstrates the strong investor confidence in Solaris Resources Inc.’s assets and growth strategy. The company remains well-positioned to capitalize on the growing global demand for copper and other precious metals, while continuing to advance its exploration and development activities in the Americas.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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