Equinox Gold (TSX: EQX) has sold an aggregate 11 million common shares of Solaris Resources (TSX: SLS) for aggregate gross proceeds of $70.4 million.
Prior to the transaction, Equinox owned 15.5 million common shares of Solaris and warrants entitling Equinox to purchase 7.5 million common shares of Solaris representing approximately 17.88% of Solaris on a partially diluted basis. As a result of the transaction, including any exercise of the warrants, Equinox's ownership has decreased to less than 10% of the issued and outstanding common shares of Solaris.
Warintza is one of Solaris’s most popular projects. The 268km² property, 100%-owned by Solaris is 40km north of Mirador mine, produces 20 million tonnes per year of copper-equivalent and has an estimated worth of US $ 1.4 billion, according to the company.
Equinox says it remains a supportive shareholder of Solaris and does not currently plan to make any additional changes to its interest. Pursuant to the transaction, Equinox Gold has agreed not to sell any of its remaining Solaris securities for 120 days.
For more information visit www.EquinoxGold.com.