12:12 PM EDT, 05/22/2024 (MT Newswires) -- Solaris Resources ( SLSR ) overnight Tuesday said it is raising $35 million in a bought-deal share offering.

The company is selling an underwriting syndicate 7.15-million shares priced at $4.90 each, with another 1.2-million shares available as an over-allotment option.

Proceeds will be used to fund an expanded exploration and infill drilling program at the Warintza project in Ecuador, as well as enhanced regional exploration activities, including fieldwork on 10 new exploration concessions. The rest will be used for working capital and general corporate purposes.

The offering is scheduled to close on June 10, subject to exchange approvals and other conditions.

Solaris shares were last seen down $0.38 to $4.86 on the Toronto Stock Exchange.

Price: 4.85, Change: -0.39, Percent Change: -7.44