Solitario Completes US$4.75 Million Private Placement
Solitario Completes US$4.75 Million Private Placement
DENVER, CO – October 16, 2023 - Solitario Resources Corp. (“Solitario” or the “Company”)
(NYSE American: XPL; TSX: SLR) is pleased to announce that on October 13, 2023, it completed
a private placement of 8,631,818 shares of common stock of the Company (the “Shares”), at a
price of US$0.55 per share for total net proceeds of US$4,747,500 (the “Offering”). The Offering
involved qualified non-US investors and was pursuant to one or more exemptions from
registration under U.S., Canadian and other applicable law.
The Company did not engage an underwriter or placement agent for the Offering, and there were
no underwriter discounts or commissions or placement agent fees, and no warrants were issued.
The net proceeds of the Offering will be used to advance the Company’s exploration activities at
its core projects and for general corporate purposes.
Chris Herald, President and CEO of Solitario, stated: “This financing significantly enhances our
existing cash and marketable securities balance to approximately US$9.5 million and allows us to
more rapidly advance and fund our core exploration projects in 2024.”
Additional information regarding the private placement will be included in one or more reports to be
filed by the Company with the Securities and Exchange Commission, and this press release is subject
to the further detail provided in such reports.
The offer and sale of the foregoing securities were made in a transaction not involving a public
offering and the securities have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”), or applicable Canadian and state securities laws. Accordingly, the securities may not
be reoffered or resold in the United States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Securities Act and such applicable
Canadian and state securities laws.
About Solitario
Solitario is a natural resource exploration company focused on high-quality Tier-1 gold and zinc
exploration projects. The Company is traded on the NYSE American (“XPL”) and on the Toronto
Stock Exchange (“SLR”). In addition to its advanced Florida Canyon and Lik joint venture zinc
projects, Solitario owns a 100% interest in the 33,000-acre Golden Crest gold project in South
Dakota. Additional information about Solitario is available online at www.solitarioxr.com.
Solitario has a long history of responsible Environmental, Social and Corporate Governance (“ESG”)
of its business. We realize ESG issues are also important to investors, employees, and all stakeholders,
including communities in which we work. We are committed to conducting our business in an ESG
responsible manner. Importantly, we select joint venture partners that not only value the importance of
ESG issues in the conduct of their business on our joint venture projects but are leaders in this
important industry segment.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities,
nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities laws of such state.
For More Information Please Contact:
Chris Herald, President and CEO
Solitario Resources Corp.
Tel. 303-534-1030 ext. 14
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking statements within the meaning of the U.S.
Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, and as defined in the
United States Private Securities Litigation Reform Act of 1995 (and the equivalent under
Canadian securities laws), that are intended to be covered by the safe harbor created by
such sections. Forward-looking statements are statements that are not historical facts.
They are based on the beliefs, estimates and opinions of the Company's management on
the date the statements are made and address activities, events or developments that
Solitario expects or anticipates will or may occur in the future, and are based on current
expectations and assumptions. Forward-looking statements involve numerous risks and
uncertainties. Consequently, there can be no assurances that such statements will prove to
be accurate and actual results and future events could differ materially from those
anticipated in such statements. Such forward-looking statements include, without
limitation, statements regarding the Company’s expectation of the projected timing and
outcome of engineering studies; expectations regarding the receipt of all necessary permits
and approvals to implement an exploration plan, if any, at any of its mineral properties.
Important factors that could cause actual results to differ materially from those in the
forward-looking statements include, among others, risks relating to risks that Solitario’s
and its joint venture partners’ exploration and property advancement efforts will not be
successful; risks relating to fluctuations in the price of zinc, gold, lead and silver; the
inherently hazardous nature of mining-related activities; uncertainties concerning reserve
and resource estimates; availability of outside contractors, and other activities;
uncertainties relating to obtaining approvals and permits from governmental regulatory
authorities; the possibility that environmental laws and regulations will change over time
and become even more restrictive; and availability and timing of capital for financing the
Company’s exploration and development activities, including uncertainty of being able to
raise capital on favorable terms or at all; risks relating to the impacts of Covid-19 or
similar variants; as well as those factors discussed in Solitario’s filings with the U.S.
Securities and Exchange Commission (the “SEC”) including Solitario’s latest Annual
Report on Form 10-K and its other SEC filings (and Canadian filings) including, without
limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to
publicly update any forward-looking statements, whether as a result of new information,
future events, or otherwise, except as may be required under applicable securities laws.