April 22, 2024
Investment

Solaris Resources Shares Rally With Investment From Chinese Miner Zijin


Published: Jan. 11, 2024 at 11:25 a.m. ET

By Robb M. Stewart

Solaris Resources’ shares jumped after the Canadian exploration company moved to secure a 130 million Canadian dollar (US$97.1 million) investment that would help fund development of its flagship Warintza project in southeastern Ecuador.

In morning trading, the shares were 5.3% higher, at C$4.21, though they are down 37%…

By Robb M. Stewart

Solaris Resources’ shares jumped after the Canadian exploration company moved to secure a 130 million Canadian dollar (US$97.1 million) investment that would help fund development of its flagship Warintza project in southeastern Ecuador.

In morning trading, the shares were 5.3% higher, at C$4.21, though they are down 37% over the last 12 months.

Solaris said it would issue almost 28.5 million shares to an affiliate of China’s Zijin Mining at C$4.55 each, a premium of 14% to the previous day’s closing price. When the private placement closes, Zijin would own a roughly 15% stake in Solaris.

In addition to advancing the Warintza project, proceeds for the equity raising will be used for working capital and general corporate purposes, Solaris said.

Write to Robb M. Stewart at robb.stewart@wsj.com



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