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.
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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.
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