Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) and Lind Partners have mutually agreed not to enter a A$2 million funding agreement after Solis secured strong support for both its A$8 million placement and the exercise of unquoted options.
Earlier this month, Solis received firm commitments to raise A$8.155 million through a placement of shares to sophisticated and professional investors as well as North American institutional funds.
Read: Solis Minerals gets cornerstone shareholder support in A$8 million placement to advance lithium projects in Brazil
Solis’ largest shareholder, Latin Resources Ltd (ASX:LRS, OTC:LRSRF), participated in the placement, increasing its substantial holding to 17.79%, while directors subscribed for A$200,000.
The company has also received funds from the exercise of its A$0.30 unlisted options currently on issue.
Given the large number of options that have already been exercised and the strong support for the placement, Solis no longer requires the capital from the proposed funding agreement with Lind Partners.
Crucially, Solis is well funded to advance drilling at the Jaguar and Borborema lithium projects in Brazil.
Read: Solis Minerals higher on kicking off maiden drill program at Jaguar Lithium Project in Brazil