/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Dec. 31, 2020 /CNW/ - Solaris Resources
Inc. (TSXV: SLS) ("Solaris" or the "Company") is
pleased to announce the closing of its previously announced
non-brokered private placement of 15.5 million units
("Units") at a price of C$5.20
per Unit for total gross proceeds of C$80.6
million (the "Private Placement").
Each Unit is comprised of one common share of the Company (a
"Common Share") and one half of one common share purchase
warrant (a "Warrant"). Each Warrant entitles the holder to
purchase one Common Share for a period of two years at an exercise
price of C$6.75.
The net proceeds from the Private Placement will be used to fund
exploration activities, technical studies, community social
relations programs and permitting at the Company's projects and for
general and working capital purposes. The Common Shares and
Warrants issued under the Private Placement are subject to a
statutory hold period that will expire on May 1, 2021.
The Private Placement was subscribed by the Company's insiders
and strategic partners including Richard
Warke, Equinox Gold Corp., and trusts established by the
Lundin family and other strategic investors.
Mr. Daniel Earle, President &
CEO, commented, "We greatly appreciate the steadfast support of our
largest shareholders who subscribed for the majority of this
placement; namely, Richard Warke,
our Executive Chairman, Equinox Gold, and trusts established by the
Lundin Family. We are also delighted to welcome new global
institutional investors to our shareholder base. The overwhelming
interest in this financing was humbling, but we are now emboldened
to accelerate and expand drilling within the Warintza porphyry
cluster."
The securities to be offered pursuant to the Private Placement
have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any U.S. state securities laws, and may not be offered
or sold in the United States
absent registration under the U.S. Securities Act and all
applicable U.S. state securities laws or compliance with the
requirements of exemptions therefrom. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
The Company paid a finder's fee of C$1,014,000 in cash in connection with certain
non-insider subscribers in the Private Placement to BMO Nesbitt
Burns Inc., TD Securities Inc., Eight Capital, Canaccord Genuity
Corp., Scotia Capital Inc., RBC Dominion Securities Inc., and
Hannam & Partners.
Participation by insiders in the Private Placement is considered
to be a "related party transaction" as defined under Multilateral
Instrument 61-101 – Protection of Minority Securityholders in
Special Transactions ("MI 61-101"). Such related
party transaction is exempt from the formal valuation and
minority shareholder approval requirements of MI 61-101 as neither
the fair market value of any Units issued to or the consideration
paid by such persons will exceed 25% of the Company's market
capitalization.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in polices of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
On behalf of the Board of Solaris Resources Inc.
"Daniel Earle"
President & CEO, Director
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in
the Americas, which includes: a high-grade resource with expansion
and additional discovery potential at the Warintza copper and gold
project in Ecuador; discovery
potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out
agreement with Freeport-McMoRan on the Ricardo Project in
Chile; and significant leverage to
increasing copper prices through the 60%-interest in the
development-stage La Verde
joint-venture project with 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"), including the
proposed use of proceeds from the Private Placement. The use of the
words "will" and similar expressions are
intended to identify forward-looking statements. Although Solaris
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 can give
no assurance that such expectations will prove to be correct. Such
forward-looking statements are based on several assumptions and
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 latest
Solaris Management's Discussion
and Analysis 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 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 Resources Inc.
