river rocks photos
Solaris Resources (NYSE:SLSR) -4.3% After the bell on Tuesday, the company announced the purchase of 7.15 million common shares at a price of C$4.90 per share, with the underwriters having the option to purchase an additional 15% of the offering amount.
Solaris (SLSR) indicates planned use of Proceeds were used to fund an expanded exploration and infill drilling program at its flagship Warintza copper project in Ecuador, as well as to enhance regional exploration activities, including fieldwork on 10 recently awarded exploration concessions, as well as for working capital and general corporate purposes.
The company earlier said it had terminated plans to sell a minority stake in China’s Zijin Mining (OTCPK: ZIJMF) because it believed the deal did not meet Canada’s strict foreign investment standards.
In January, Solaris (SLSR) announced plans to sell a 15% stake to Zijin Mining (OTCPK:ZIJMF) for C$130 million to help develop the Warintza project, but the deal would need to be obtained under revised Canadian investment laws by the end of 2022 Approval of more scrutiny of foreign investment in critical minerals sectors.
Solaris (SLSR) CEO Daniel Earle said: “The inability to close this deal within a reasonable time demonstrates that Canada’s critical minerals policy is counterproductive for foreign assets.”
