VANCOUVER, April 29, 2020 /PRNewswire/ - Solaris Resources Inc. ("Solaris" or the "Company") announces its intention to consolidate its common shares ("Common Shares") on the basis of 1 post-consolidation Common Share for 2 pre-consolidation Common Shares (the "Consolidation").
As part of the Consolidation, the 123,647,377 Common Shares currently issued and outstanding will be reduced to 61,823,688 post-consolidation Common Shares. No fractional shares will be issued under the Consolidation. Each fractional share following the Consolidation that is less than one-half of one share will be cancelled and each fractional share that is at least one-half of one share will be rounded up to the nearest whole share. The exercise price and the number of Common Shares issuable under any of the Company's outstanding convertible securities such as stock options, restricted share units and warrants, as applicable, will be proportionately adjusted upon completion of the Consolidation. The CUSIP and ISIN numbers of the post-Consolidation Common Shares will also change upon the completion of the Consolidation. The Consolidation is anticipated to become effective on or about May 1, 2020.
On the effective date of Consolidation, the Company's transfer agent, Computershare Investor Services, will send a letter of transmittal to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post-consolidation Common Shares to which they are entitled. Until surrendered, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. Shareholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.
On behalf of the Board of Solaris Resources Inc.
President & CEO, Director
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through the 60%-interest in the development-stage La Verde joint-venture project with Teck Resources in Mexico. Solaris Resources operates as a reporting issuer, however, is not currently listed on a designated stock exchange.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "intention", "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Solaris can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Solaris' Management's Discussion and Analysis for the year ended December 31, 2019 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE Solaris Resources Inc.