November 18, 2019 – Vancouver, B.C. – 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
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