Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) Set to Trade on NYSE American with New Ticker Symbol SLSR

Source: Solaris Resources Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) is gearing up for…

Source: Solaris Resources

Solaris Resources (TSX:SLS)(NYSEAmerican:SLSR) is gearing up for its debut on the NYSE American. The move involves the discontinuation of its listing on the OTCQB Venture Market, transitioning the trading of its common shares to a more prominent platform under the new ticker symbol “SLSR” starting April 19, 2024. This strategic shift aims to provide Solaris with enhanced visibility and accessibility to a broader base of institutional and retail investors.

The company, which will continue to be listed on the Toronto Stock Exchange under the ticker “SLS”, does not require its shareholders to take any immediate actions regarding this transition. However, those who have purchased shares through the OTCQB are advised to check their accounts to ensure their holdings are updated with the new ticker symbol following the change.

Recent Developments and Strategic Investments

Earlier this year, on January 11, Solaris announced a significant financial boost through a private placement investment from Zijin Mining Group Co., Ltd., amounting to approximately $130 million. This deal resulted in the issuance of over 28 million common shares at a price of $4.55 each, a 14% premium over the closing price on the TSX the day before the agreement was finalized. This transaction marked a substantial endorsement from Zijin, which now holds about 15% of Solaris’ common shares on a fully diluted basis.

Daniel Earle, President and CEO of Solaris, praised the partnership, highlighting Zijin’s remarkable growth and expertise in the mining sector, which spans across 16 countries. The collaboration is set to advance the development of Solaris’s flagship Warintza Project in southeastern Ecuador, with funds also earmarked for general corporate purposes.

The closing of the private placement is contingent upon several conditions, including approvals from the TSX, under the Investment Canada Act, and from relevant authorities in China. Furthermore, the agreement grants Zijin the right to nominate a director to Solaris’s board as long as it maintains at least a 5% shareholding. Zijin also secures rights to maintain its ownership percentage through future securities purchases under specific conditions.

Trilateral Cooperation for Community Development

Additionally, on March 1, Solaris Resources further demonstrated its commitment to sustainable practices by entering a trilateral cooperation agreement aimed at supporting the Shuar communities in Ecuador. This initiative, involving the Interprovincial Federation of Shuar Centers and the Alliance for Entrepreneurship and Innovation, focuses on various developmental programs ranging from health and education to sustainable mining practices.

The collaboration aligns with ongoing efforts to promote economic and social advancement within these indigenous territories, which are integral to the Warintza Project’s success. The comprehensive support from this agreement encompasses health care, education, and business development programs tailored to the needs of the Shuar people, fostering a supportive relationship between the corporation and the community.

As Solaris Resources transitions to a new stage of corporate and community development, the company remains focused on leveraging strategic partnerships and maintaining its commitment to sustainable mining practices, positioning itself for future growth in the global mining sector.

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