Solaris Closes C$5.6 Million Private Placement and Announces Management Addition
Nov 18, 2019, 15:30 ET
VANCOUVER, Nov. 18, 2019 /CNW/ - Solaris Copper Inc. ("Solaris" or the "Company") is pleased to announce it has closed the C$5.6 million non-brokered private placement financing (the "Private Placement") announced on November 7, 2019.
Pursuant to the Private Placement, Solaris issued 14,121,000 units of the Company at a price of C$0.40 per unit for aggregate gross proceeds of approximately C$5.6 million. Each unit consists of one common share of the Company and one-half of a common share purchase warrant of the Company (each whole warrant being a "Warrant"). Each Warrant entitles the holder to acquire one common share at a price of CAD$0.60 for a period of three years. The common shares and Warrants issued pursuant to the financing are subject to a four-month hold period.
Concurrent with the Private Placement, Equinox Gold Corp. ("Equinox Gold"), a related party to the Company, subscribed for 6,875,000 units in exchange for the cancellation of all debt payable by the Company to Equinox Gold totaling C$2,750,000. Consequently, Equinox Gold maintains its pro-rata interest in Solaris at approximately 32% ownership.
The proceeds from the Private Placement are expected to be used to fund permitting, exploration and drilling activities at the Company's projects and for general and working capital purposes.
Ms. Jacqueline Wagenaar, newly appointed Vice President, Investor Relations, joined the Company on November 11, 2019. Ms. Wagenaar is an award-winning investor relations executive and brings extensive capital markets experience with publicly traded companies. Ms. Wagenaar most recently led the investor relations effort at Guyana Goldfields Inc. for over 10 years as a Director and then Vice President of Investor Relations & Corporate Communications. Ms. Wagenaar is a certified professional in investor relations from the Richard Ivey School of Business at the University of Western Ontario and is a Board member with the Canadian Investor Relations Institute.
Daniel Earle, President & CEO, commented, "I am very pleased that Jacqueline has joined the Solaris team and welcome her participation under the Private Placement along with the other newly appointed officers. Her proven ability to implement effective investor relations and communications programs will be helpful as we advance our strategy with the funding now on hand following the closing of the Private Placement."
On behalf of the Board of Solaris Copper Inc.
President & CEO, Director
About Solaris Copper Inc.
Solaris Copper is advancing a portfolio of exploration projects in the Americas. Foremost among these is the 100%-owned Warintza copper-molybdenum project in Ecuador, which hosts a near-surface, high-grade resource that is open laterally and at depth. The Company also holds a 60% interest in the advanced-stage La Verde copper-silver-gold project in Mexico, with Teck Resources holding the remaining 40%; a 100% interest in the Ricardo copper exploration project in Chile, which is under option to Freeport; and earn-in agreements for the Tamarugo project in Chile and two early-stage projects in Peru. Solaris Copper operates as a reporting issuer, however, is not currently listed on a designated stock exchange.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include statements regarding planned exploration and development activities at the Company's projects, and the use of proceeds of the Private Placement. Although Solaris Copper believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Solaris Copper can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Solaris Copper's periodic filings with Canadian securities regulators. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris Copper does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE Solaris Copper Inc.
For further information: Jacqueline Wagenaar, Vice President Investor Relations, Direct: 416-366-5678 Ext. 203, Email: [email protected]
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