By Canadian Press

Chinese company Zijin Mining signs deal to invest $130M in Solaris Resources

Jan 11, 2024 | 8:14 AM

VANCOUVER — A Chinese company has signed a deal to invest $130 million in Solaris Resources Inc. that it plans to use to fund the development of its Warintza copper project in Ecuador.

Zijin Mining Group Co. Ltd. will own about a 15 per cent stake in Solaris once the private placement of nearly 28.5 million shares at a price of $4.55 per share closes.

The investment is subject to customary conditions including regulatory approval under the Investment Canada Act.

Under the deal, Zijin will be allowed to nominate a member to the Solaris board as long as it owns, controls or directs at least a five per cent stake in the company. 

The agreement also entitles Zijin to buy additional shares in certain circumstances to maintain its proportionate stake in Solaris.

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In addition to Warintza, Solaris has projects in Chile, Peru and Mexico.

This report by The Canadian Press was first published Jan. 11, 2024.

Companies in this story: (TSX:SLS)

The Canadian Press