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Solitario Resources Corp
Symbol SLR
Shares Issued 64,768,873
Close 2023-07-28 C$ 0.68
Market Cap C$ 44,042,834
Recent Sedar Documents

Solitario investor Newmont to buy $2.5M of shares

2023-08-02 12:14 ET - News Release

Mr. Christopher Herald reports

NEWMONT INCREASES STAKE IN SOLITARIO TO 9.95% WITH $2.5 MILLION STRATEGIC INVESTMENT

Solitario Resources Corp. has entered into an agreement with Newmont Overseas Exploration Ltd., for the purchase and sale of 4,166,667 shares of common stock of the company at a price of 60 cents per share for total proceeds of $2.5-million. With this financing, and including Newmont's previous share position in Solitario, Newmont becomes Solitario's largest shareholder controlling approximately 9.95 per cent of the company's currently outstanding shares.

The company did not engage an underwriter or placement agent for the offering, and there were no underwriter discounts or commissions or placement agent fees. The net proceeds of the offering will be used to advance the company's exploration activities at its core projects and for general corporate purposes.

The sale of the shares was made pursuant to a stock purchase agreement between the company and the Investor. The shares were sold in a private placement on July 31, 2023, pursuant to one or more exemptions from registration with the Securities and Exchange Commission. In connection with the sale of the shares the company and Newmont entered into an investor rights agreement granting Newmont certain rights, including a preemptive right, registration rights, anti-dilution rights and certain rights with respect to the sale, financing and operation of the company's Gold Crest property assets.

Chris Herald, president and chief executive officer of Solitario, stated: "Newmont has been a long-term shareholder of Solitario. With this strategic investment financing, Newmont becomes our largest shareholder with a 9.95-per-cent equity interest. This financing enhances our existing cash and marketable securities balance to approximately $6.1-million (U.S.)."

About Solitario Resources Corp.

Solitario is a natural resource exploration company focused on high-quality Tier 1 gold and zinc projects. The company is traded on the NYSE American (XPL) and on the Toronto Stock Exchange (SLR). In addition to its Florida Canyon and Lik joint venture projects, Solitario owns a 100-per-cent interest in the 33,000-acre Golden Crest gold project in South Dakota. At Golden Crest, Solitario has discovered over 15 areas with significant gold mineralization at surface and is currently permitting a drilling program to test for gold in the subsurface.

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