Solaris Resources Inc (C:SLS)
Shares Issued 89,006,360
Last Close 11/4/2020 $4.70
Wednesday November 4 2020 - News Release

Mr. Richard Warke of Augusta reports

AUGUSTA INVESTMENTS INC. ACQUIRES ADDITIONAL SHARES IN SOLARIS RESOURCES INC.

Augusta Investments Inc., a company beneficially owned by Richard Warke, has acquired 2,149,900 common shares of Solaris Resources Inc., representing 2.41 per cent of the issued and outstanding common shares of Solaris.

The common shares were acquired through prearranged trades over the facilities of the TSX Venture Exchange at a price of $4.70 per share, or $10,104,530 in the aggregate. Augusta acquired the common shares in reliance on the private agreement exemption from the requirement to make a formal bid to all shareholders contained in Section 4.2 of National Instrument 62-104 (Take-Over Bids and Issuer Bids). This exemption is available because, among other things, the purchases were made from one seller and the consideration paid for the securities was not greater than 115 per cent of the market price of the common shares, determined in accordance with applicable securities legislation.

Immediately prior to the acquisition of these shares, Augusta beneficially owned and controlled an aggregate of 18,753,949 common shares, representing approximately 21.05 per cent of the issued and outstanding common shares of Solaris. Following the completion of the acquisition of these shares, Augusta beneficially owns and controls an aggregate of 20,903,849 common shares, representing approximately 23.46 per cent of the issued and outstanding common shares of Solaris. Augusta also owns 16,225,000 warrants to acquire common shares of Solaris. If Augusta were to exercise all of these warrants, it would beneficially own 37,128,849 common shares, representing approximately 35.25 per cent of the outstanding common shares of Solaris on a partially diluted basis.

Augusta acquired the common shares of Solaris for investment purposes.

An updated early warning report will be electronically filed with the applicable securities commissions in each jurisdiction where Solaris is reporting and will be available on SEDAR. For further information or to obtain a copy of the early warning report filed by Solaris, please contact Yoana Thomas at 604-687-1717.