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Shares of Solaris Resources (TSX: SLS) climbed on Thursday following the announcement that the company has received C$30.2 million ($22.3m) from the exercises of common share purchase warrants since its last quarterly results, dated November 8.
Both Richard Warke, the company’s executive chairman, and shareholder Equinox Gold exercised a total of 23.1 million warrants at a price of C$1.20 for proceeds of C$27.7 million, representing the final tranche of warrants held by these parties.
Following the exercise, Equinox sold its remaining 7.5 million common shares of Solaris through the facilities of the Toronto Stock Exchange, thereby shedding its stake in the company.
In December, Equinox had already sold 11 million common shares of Solaris for C$70.4 million, cutting its share ownership down from 17.9% to under 10%. Solaris was previously a copper-focused spinout of Equinox with operations based in Latin America.
The company’s stock was up 7.8% to C$6.39 each as of 11:45 a.m. ET, the highest in a month. Its market capitalization stands at C$793.9 million ($586.4m).
