Solaris Received Warrant Exercises of C$18.7 Million, Including Significant Exercise by Richard Warke at Premium to Market
October 31 2022 - 7:30AM
Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
(“Solaris” or “the Company”) is pleased to announce that the
Company has received exercises of common share purchase warrants
(“warrants”) totaling C$18.7 million since the Company’s last
quarterly results dated August 9, 2022.
Notably, the Company’s Executive Chairman, Mr.
Richard Warke, exercised 2.3 million warrants at a price of C$6.75,
representing a 37% premium to close of trading on Friday, October
28, 2022, for proceeds of C$15.5 million. Additionally, Mr. Warke
exercised 0.6 million warrants at a price of C$1.20 for proceeds of
C$0.7 million.
A further 3.1 million warrants at a price of
C$1.20 and 0.2 million warrants at a price of C$6.75 remain
outstanding and expire by the end of 2022, and if exercised in
full, would generate additional proceeds of C$4.9 million. Of
these, approximately 50% of the remaining outstanding warrants are
held by insiders.
By May 2023, a further 25 million warrants
expire at a price of C$1.20, and if exercised in full, would
generate additional proceeds of C$30.0 million. Of these,
approximately 98% are held by insiders.
On behalf of the Board of Solaris
Resources Inc.
“Daniel Earle”President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor RelationsDirect: 416-366-5678
Ext. 203Email: jwagenaar@solarisresources.com
About Solaris Resources
Inc.
Solaris is a multi-asset exploration company,
advancing a portfolio of copper and gold assets in the Americas,
which includes: its primary focus, a world class large-scale
resource with expansion and discovery potential at the Warintza
Project in Ecuador; discovery potential at its Ricardo Project and
optioned and owned grass-roots Tamarugo Project in Chile; discovery
potential at its Capricho and Paco Orco projects in Peru; and
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.
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” and “expected” and
similar expressions are intended to identify forward-looking
statements. These statements include statements that a further 3.1
million warrants at a price of C$1.20 and 0.2 million warrants at a
price of C$6.75 remain outstanding and expire by the end of 2022,
and if exercised in full, would generate additional proceeds of
C$4.9 million, and of these, approximately 50% of the remaining
outstanding warrants are held by insiders, and that by May 2023, a
further 25 million warrants expire at a price of C$1.20, and if
exercised in full, would generate additional proceeds of C$30.0
million, of these, approximately 98% are held by insiders. Although
Solaris believes that the expectations reflected in such
forward-looking statements and/or information are reasonable,
readers are cautioned that actual results may vary from the
forward-looking statements. These statements are based on a variety
of assumptions including assumptions made about the Company’s
ability to advance efforts at the Warintza Project; and the
Company’s ability to achieve its growth objectives. These
statements also 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 the Solaris Management’s Discussion and Analysis for
the year ended December 31, 2021 available at www.sedar.com.
Furthermore, the forward-looking statements contained in this news
release are made as at the date of this news release and Solaris
does not undertake any obligation to publicly update or revise any
of these forward-looking statements except as may be required by
applicable securities laws.
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