Latin Resources Ltd (ASX:LRS) has welcomed copper vehicle Solis Minerals Ltd (TSX-V:SLMN)’s progress towards listing and flagged a soon-to-close priority offer with its shareholders.
As Solis gears up to hit the ASX on Christmas Eve, it’s finalising an initial public offering on the ASX and giving Latin investors a chance to get in on the action by December 10.
Under the priority offer, Latin shareholders can claim their stake in up to 6.25 million CHESS depository interests (CDI (NYSE:CDI)s) in a bid to raise $1.25 million.
Importantly, each CDI will represent one underlying share fully tradable on the ASX.
Latin is Solis’ largest shareholder, owning just under a quarter of the company ahead of the IPO, after which its interest is set to dilute to 12.65%.
Should Latin investors want to access the priority offer, they can download the prospectus and use their priority access code here to apply before the closing date.
Who is Solis?
Solis Minerals is focused on copper exploration in Latin America.
It’s currently looking after assets in Chile and Peru — two of the largest copper-producing regions in the world and responsible for one-third of the globe’s copper supply.
Solis holds a 100% interest in a package of highly prospective iron-oxide-copper-gold (IOCG) and porphyry copper projects in southwestern Peru within the country’s prolific copper belt.
The company also recently acquired an option to purchase a 100% interest in the Mostazal Copper Project in Chile’s Atacama Desert, one of the world’s premier copper production jurisdictions.
Solis is already trading on the Toronto Stock Exchange, meaning its ASX debut will make it a dual-lister.
Under the IPO, it hopes to issue as many as 30 million CDIs at $0.20 each to raise $6 million.
Solis is expected to attract a $12.5 million market capitalisation and $5.7 million enterprise value when it hits the board on December 24.