Toronto-listed miner Equinox Gold has decreased its ownership in fellow-listed Solaris Gold to less than 10%, having sold 11-million shares in that company for C$70.4-million.
Immediately prior to the transaction, Equinox owned 15 545 487 common shares of Solaris and warrants entitling the firm to purchase 7 500 000 common shares of Solaris, representing about 17.88% of Solaris on a partially diluted basis.
Equinox states that it remains a supportive shareholder of Solaris, which owns projects in Ecuador and Peru, and that it does not plan to make any additional changes to its interest.
The company has agreed not to sell any of its remaining Solaris securities for 120 days.
Shares in Solaris fell 7.8% to C$6.55 apiece.