SLS - Zijin Mining Invests $97M In Solaris Resources Deal To Bolster Copper Project In Ecuador | Benzinga
Chinese mining giant Zijin Mining Group (SHA: 601899) is investing $97 million in a Canadian mining company Solaris Resources (TSX:SLS). The investment comes through a private placement of common shares, with Zijin purchasing approximately 28.5 million shares at C$4.55 each, representing a 14% premium to the closing price on Jan. 10.
"We take tremendous pride in announcing our new strategic partnership with Zijin and look forward to leveraging its deep technical expertise and financial capacity in delivering the full potential of one of the last remaining greenfield copper districts at low elevation and adjacent to the infrastructure available globally," Solaris President and CEO Daniel Earle, said in a statement, praising Zijin's track record, and operational presence in 16 countries.
Once the transaction closes, Zijin will become the second-largest shareholder in Solaris Resources, holding about 15% of the outstanding shares. The ...