Solaris Resources Sees Equinox Gold Sell Large Stake In Firm

Solaris Resources (TSX: SLS) has seen one of its largest shareholders liquidate its position rather significantly. Equinox Gold (TSX: EQX) this morning indicated that it has monetized a large portion of its interest in the miner.

Equinox has reportedly sold a total of 11.0 million common shares of its holdings in Solaris, generating gross proceeds of $70.4 million in the process. The sale as a result will no longer make Equinox an insider of the company, meaning the company no longer has to report its sale transactions.

Prior to the sale, Equinox held 15.5 million shares of the issuer, as well as warrants to acquire 7.5 million additional shares, which equated to a 17.88% stake on a partially diluted basis. Following the sale, the firm now holds just 4.5 million shares in Solaris, while still holding its warrants.

The sale follows Equinox last year selling 10.0 million common shares in the company for gross proceeds of $82.5 million, while at the same time granting warrants to acquire 5.0 million common shares at $10.0 per share. Those additional shares are believed to have been sold in April 2022 for proceeds of $50.0 million.

WATCH: Where Are Copper Prices Heading In 2023? — With Daniel Earle

Equinox has entered into an agreement that it will not sell any additional shares of Solaris for a period of 120 days.

Solaris Resources last traded at $7.11 on the TSX.


The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Is the Canadian Government Blocking Zijin’s $130 Million Move on Solaris?

In a significant development for Solaris Resources Inc. (TSX: SLS), the Canadian government is reportedly...

Monday, February 5, 2024, 07:44:48 AM

Solaris Resources: Ecuadorian Indigenous Nation Files Complaint With BCSC For Failure To Disclose

An Ecuadorian indigenous nation, the Shuar Arutam People (PSHA), has lodged a formal complaint against...

Saturday, March 2, 2024, 09:07:00 AM

Where Are Copper Prices Heading In 2023? — With Daniel Earle

Joining us on the Daily Dive today is Daniel Earle, president & CEO of Solaris...

Wednesday, November 30, 2022, 01:30:00 PM

Equinox Gold Breaks Ground For Greenstone Mine, Targets First Gold Pour In H1 2024

Equinox Gold Corp. (TSX: EQX) announced today the groundbreaking for the construction of the Greenstone...

Wednesday, October 27, 2021, 11:10:00 AM

Equinox Gold Sees Los Filos Mine Again Blockaded By Local Community

The year of 2022 is proving to be a tough one for Equinox Gold (TSX:...

Thursday, September 8, 2022, 08:46:32 AM