Solis Minerals winds up tranche 2 of $8 million placement

Solis Minerals (ASX:SLM) has wrapped up tranche 2 of its $8 million shares placement, issuing roughly 9.52 million shares at $0.55 to raise more than $5.2 million. 

The $35.55 million market capitalisation company’s total issued equity capital post-tranche 2 allotment is 87,799,883 shares. 

Solis first announced the share placement in early June, with the $0.55 price tag a ‘modest’ 6.78% discount to its last trading price at the time but a 57% premium to its 10-day volume-weighted average price. 

The funds from the placement were set to help the company complete the option fee for the acquisition of the Jaguar Lithium Project and advance exploration in the area. The company will also put some of the cash towards its Borborema Lithium Project in Brazil and its Peruvian iron-oxide-copper-gold (IOCG) and copper porphyry projects. 

The company closed the first tranche on 19 June, issuing 5.55 million shares to raise $3.05 million. 

At a special shareholder meeting held on 11 August 2023, Solis shareholders approved the second tranche of the placement. 

Assisting brokers received, in aggregate, fees of 6% of the funds raised under the placement, being a total of $89,999.93 in connection with the closing of tranche 2. 

Solis Minerals is a battery mineral-focused mining exploration company that wholly owns the Borborema Lithium Project in northeast Brazil. As of 30 June 2023, the company had $5.4 million cash at hand, according to its latest quarterly report, though this does not account for the funding boost from the second tranche of the placement. 

Write to Aaliyah Rogan at Mining.com.au

Images: Solis Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.