Solitario Resources Corp. completed a private placement, securing $4.5 million through the sale of 7,142,855 shares of its common stock at $0.63 per share.
The offering involved investments from Newmont Overseas Exploration Ltd., a subsidiary of Newmont Corp., and Wexford Capital Partners, a private investment firm. Newmont acquired 1,587,300 shares, increasing its stake in Solitario to 9.4%. Wexford purchased 5,555,555 shares, resulting in a 6.2% interest in the company.
Chris Herald, president and CEO of Wheat Ridge-based Solitario, stated: “We are delighted to welcome Wexford Capital to our growing list of institutional ownership. With Solitario’s current cash position in excess of US $9 million, we now have the funding to conduct follow-up drilling not only on the existing Golden Crest Plan of Operations, but also the Ponderosa Plan of Operations, when approved. Drilling has been initiated on the Golden Crest project and we look forward to reporting progress throughout the remainder of the year.”
The funds raised will be utilized to further advance Solitario’s exploration activities at its key projects and support general corporate purposes. The company did not engage an underwriter for this placement, ensuring there were no associated fees.
Solitario focuses on gold and zinc projects, including the Golden Crest gold project in South Dakota.