10:40 AM EDT, 06/10/2024 (MT Newswires) -- Solaris Resources ( SLSR ) said Monday it has closed on a CA$40.3 million ($29.3 million) bought-deal offering of slightly more than 8.2 million of the Canadian mining company's shares at CA$4.90 apiece.

The stock sale included underwriters fully exercising their overallotment option to buy nearly 1.1 million shares.

Separately, Solaris said it sold nearly 2.8 million additional shares through a private placement also priced at CA$4.90 each and generating almost CA$13.7 million ($10 million) in gross proceeds.

The company, after first paying down the costs of both transactions, is expecting to use the new money to fund exploration and infill drilling at its flagship Warintza copper and gold project in southeastern Ecuador. A portion of the net proceeds also will support exploration at 10 new concessions recently awarded to Solaris, it said.

Solaris shares were nearly 5% lower in US trading on Monday morning. The shares were slightly higher in trading in Toronto.

Price: 3.47, Change: -0.06, Percent Change: -1.56