Solitario Announces Closing of $2,059,589 Private Placement Including Insider Purchases of $509,999
Solitario Exploration & Royalty Corp. (“Solitario;” NYSE MKT: XPL;
TSX: SLR) announces that it has closed a private placement
of 2,451,892 shares at a price of $0.84 per share for total proceeds of
$2,059,589 (the “Offering”).
The Offering was unanimously approved by Solitario’s Board of Directors
and, as part of the Offering, insiders subscribed for 606,665 shares
(the “Insider Shares”) for a total purchase of $509,999. The offer and
sale of the Insider Shares was unanimously approved by Solitario’s Audit
Committee of the Board of Directors. All shares in the Offering were
offered and sold on the same terms and conditions.
The Offering and sale were made pursuant to the exemption from
registration provided under Section 4(a)(2) of the Securities Act of
1933 and Rule 506 of Regulation D promulgated thereunder. The shares are
subject to a four-month holding period in Canada. The Offering and sale
were priced at $0.84 per share which represents the closing sale price
of Solitario’s common stock on the NYSE MKT on July 15, 2013 for
aggregate consideration to Solitario of $2,059,589. The Offering was not
underwritten by a broker and there were no underwriter discounts or
commissions.
The closing of the Offering was subject to the approval of the Toronto
Stock Exchange and the NYSE-MKT. The proceeds of the Offering will
provide the Company additional working capital for general corporate
purposes.
About Solitario
Solitario is a gold, silver, platinum-palladium, and base metal
exploration, development and royalty company actively exploring in
Brazil, Mexico, Peru and Nevada. Solitario has significant business
relationships with Votorantim Metais, Hochschild Mining and Anglo
Platinum. Solitario is traded on the NYSE MKT ("XPL") and on the Toronto
Stock Exchange ("SLR"). Additional information about Solitario is
available online at www.solitarioxr.com.
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