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.