Solaris resources (NYSE:SLSR) -4.3% on Tuesday following its listing, following an announcement of an offer to purchase 7.15 million shares of common stock at a price of C$4.90 per share, with an underwriter option to purchase up to an additional 15% of the offer amount.

Solaris (SLSR) said it plans to utilize proceeds fund an expanded exploration and infill drilling program at its flagship Warintza copper project in Ecuador and augment regional exploration activities, including field work on 10 recently awarded exploration licenses, as well as for working capital and general corporate purposes.

The company previously claimed so completed plans to sell a minority stake Chinese company Zijin Mining (OTCPK:ZIJMF) because it believes the deal will not meet stringent Canadian standards for foreign investment.

In January, Solaris (SLSR) announced plans to sell a 15% stake to Zijin (OTCPK:ZIJMF) for C$130 million to assist develop the Warintza project, but the deal required approval under the Investment Canada Act, which was amended in slow 2022. introducing additional controls on foreign investments in the critical minerals sector.

“The fact that this transaction cannot be completed within a reasonable timeframe signals that Canada’s key minerals policy is counterproductive to foreign assets,” said Daniel Earle, CEO of Solaris (SLSR).