Mr. Daniel Earle reports
SOLARIS RECEIVED WARRANT EXERCISES OF C$18.7 MILLION, INCLUDING SIGNIFICANT EXERCISE BY RICHARD WARKE AT PREMIUM TO MARKET
Solaris Resources Inc. has received exercises of common share purchase warrants totalling $18.7-million since the company's last quarterly results dated Aug. 9, 2022.
Notably, the company's executive chairman, Richard Warke, exercised 2.3 million warrants at a price of $6.75, representing a 37-per-cent premium to close of trading on Friday, Oct. 28, 2022, for proceeds of $15.5-million. Additionally, Mr. Warke exercised 600,000 warrants at a price of $1.20 for proceeds of $700,000.
A further 3.1 million warrants at a price of $1.20 and 200,000 warrants at a price of $6.75 remain outstanding and expire by the end of 2022, and if exercised in full, would generate additional proceeds of $4.9-million. Of these, approximately 50 per cent of the remaining outstanding warrants are held by insiders.
By May, 2023, a further 25 million warrants expire at a price of $1.20, and if exercised in full, would generate additional proceeds of $30-million. Of these, approximately 98 per cent are held by insiders.
About Solaris Resources Inc.
Solaris is a multiasset 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 grassroots 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-per-cent interest in the La Verde joint venture project with a subsidiary of Teck Resources in Mexico.
We seek Safe Harbor.
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