Solaris raises C$52m to expand Ecuador exploration
TSX-V-listed Solaris Resources has raised C$52-million in a private placement, allowing the company to significantly expand its ongoing exploration programme at its Warintza project, in Ecuador.
To date, Solaris has drilled 13 900 m at Warintza Central, with assays pending on six additional holes. Most of this drilling was completed with less than three drill rigs, VP exploration Jorge Fierro said on Monday.
With the additional funds and drill rigs, the programme would be accelerated and expanded to test further targets showing similar surface expressions as Warintza Central within the 5km-by-5km cluster of porphyries identified to date.
The expanded drill programme would Warintza West, where initial drilling had recently started and maiden drilling at Warintza East, El Trinche, and Warintza South in 2021.
Drilling would also continue at Warintza Central.
Drill rigs would be increased from three to six.
In terms of the private placement, Solaris would offer 10-million units at C$5.20 an unit, each comprising one common share and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of two years at an exercise price of C$6.75.
The placement was fully subscribed by the company's insiders and strategic partners, including Richard Warke, Equinox Gold and other strategic investors.
Solaris’ stock closed 8% higher on Monday at C$5.51 a share.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation