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<SEC-DOCUMENT>0000917225-09-000030.txt : 20091013
<SEC-HEADER>0000917225-09-000030.hdr.sgml : 20091012
<ACCEPTANCE-DATETIME>20091013100258
ACCESSION NUMBER:		0000917225-09-000030
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091013
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091013
DATE AS OF CHANGE:		20091013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		091115655

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
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<B><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B> <BR>
Washington, D.C. 20549 </P>
<B><P ALIGN="CENTER">Form&nbsp;8-K</P>
</B><FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): October 13, 2009 </P>
</FONT><B><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>
</B><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter) </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=503>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Colorado<BR>
(State or other jurisdiction of<BR>
incorporation or organization) </FONT></TD>
<TD WIDTH="26%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">001-32978<BR>
(Commission<BR>
File Number) </FONT></TD>
<TD WIDTH="36%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">84-1285791<BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">4251 Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=484>
<TR><TD WIDTH="66%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">Registrant's telephone number, including area code:</FONT></TD>
<TD WIDTH="34%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">(303) 534-1030</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=2><P ALIGN="CENTER">Not Applicable <BR>
(Former name or former address, if changed since last report) </P>
<P ALIGN="LEFT">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">x</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act <BR>
&nbsp;&nbsp;(17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 WIDTH=572>
<TR><TD WIDTH="2%" VALIGN="TOP">
<FONT FACE="Wingdings" SIZE=2><P ALIGN="LEFT">o</FONT></TD>
<TD WIDTH="98%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act <BR>
&nbsp;&nbsp;(17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

96:
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="LEFT"></P>
<TABLE BORDER=0 CELLSPACING=0 WIDTH=624>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 8.01 </B></FONT></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">OTHER EVENTS</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=96><P></P></TD>
<TD WIDTH="87%" VALIGN="BOTTOM" HEIGHT=96>
<FONT SIZE=2><P ALIGN="LEFT">On October 13, 2009, Solitario Exploration &amp; Royalty Corp. (NYSE Amex: XPL; TSX-TO: SLR; "Solitario") and Metallic Ventures Gold Inc. (TSX-TO: MVG; "Metallic Ventures") announced entering into an amendment (the "Amendment") to their definitive arrangement agreement (the "Agreement") dated August 24, 2009, whereby Solitario  increased its bid to acquire, through a friendly plan of arrangement, all outstanding shares of Metallic Ventures. The Amendment provides for increasing the number of shares of Solitario common stock it will issue to Metallic Ventures shareholders from 17.0 million to 19.5 million and the cash consideration from US$15.5 million to US$18 million.  In the event that the transaction is not completed, Metallic Ventures has agreed to pay Solitario an increased termination fee of US$2.2 million, under certain circumstances.  The parties also agreed to extend the termination deadline from December 31, 2009 to February 28, 2010.  All other terms of the Agreement r
emain the same.</P>
<P ALIGN="LEFT"></P>
<P ALIGN="LEFT"> A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">ITEM 9.01 </B></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP" HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="LEFT">FINANCIAL STATEMENTS AND EXHIBITS</B></FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">(d) Exhibits</U></FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">Exhibit Description</U> </FONT></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">99.1</FONT></TD>
<TD WIDTH="87%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Press Release, issued on October 13, 2009, announcing the execution of an amendment to the definitive arrangement agreement dated August 24, 2009 whereby Solitario Exploration &amp; Royalty Corp. increased its bid to acquire through a friendly plan of arrangement, all outstanding shares of Metallic Ventures Gold Inc. </P>
<P ALIGN="LEFT"></FONT></TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<P ALIGN="CENTER">SIGNATURES</B> </P>
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </P>
<P ALIGN="LEFT">October 13, 2009 </P></FONT>
<P ALIGN="RIGHT"><TABLE BORDER=0 CELLSPACING=0 WIDTH=288>
<TR><TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P ALIGN="LEFT">Solitario Exploration &amp; Royalty Corp.</FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">By: </FONT></TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="LEFT">/s/&nbsp;James R. Maronick</U></FONT></TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="LEFT">&nbsp;</FONT></TD>
<TD WIDTH="91%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="LEFT">James R. Maronick, Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</P>

<P ALIGN="LEFT"></P>
<P ALIGN="CENTER">3</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<B><FONT SIZE=2><P ALIGN="CENTER">EXHIBITS</P>
</B><P ALIGN="CENTER"></P><DIR>
<DIR>

<P ALIGN="LEFT">99.1&#9;Press Release, issued on October 13, 2009, announcing the execution of an amendment to the definitive arrangement agreement dated August 24, 2009 whereby Solitario Exploration &amp; Royalty Corp. increased its bid to acquire through a friendly plan of arrangement, all outstanding shares of Metallic Ventures Gold Inc.</P></DIR>
</DIR>

<P ALIGN="CENTER">4</P>
<P ALIGN="LEFT"></P></FONT></BODY>
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<B><FONT FACE="Arial" SIZE=2><P ALIGN="RIGHT">EXHIBIT 99.1</P>
<P ALIGN="LEFT">SOLITARIO EXPLORATION &amp; ROYALTY CORP.<BR>
METALLIC VENTURES GOLD INC.</P><DIR>
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</FONT><FONT FACE="Arial" SIZE=3><P ALIGN="RIGHT">October 13, 2009</P></DIR>
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</FONT><FONT FACE="Arial"><P ALIGN="CENTER">SOLITARIO EXPLORATION &amp; ROYALTY AND METALLIC VENTURES GOLD INC. <BR>
AMEND ARRANGEMENT AGREEMENT TO ACQUIRE ALL OUTSTANDING SHARES <BR>
OF METALLIC VENTURES</P>
</FONT><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">Denver, Colorado:  </B>Solitario Exploration &amp; Royalty Corp. (NYSE Amex: XPL; TSX-TO: SLR;<B> "Solitario"</B>) and Metallic Ventures Gold Inc. (TSX-TO: MVG;<B> "Metallic Ventures"</B>)  today announced entering into an amendment (the "Amendment") to their definitive arrangement agreement (the "Agreement") dated August 24, 2009, whereby Solitario  increased its bid to acquire, through a friendly plan of arrangement, all outstanding shares of Metallic Ventures. </P>
<P ALIGN="JUSTIFY">The Amendment provides for increasing the number of shares Solitario will issue to Metallic Ventures shareholders from 17.0 million to 19.5 million and the cash consideration from US$15.5 million to US$18 million.  In the event that the transaction is not completed, Metallic Ventures has agreed to pay Solitario an increased termination fee of US$2.2 million, under certain circumstances.  The parties also agreed to extend the termination deadline from December 31, 2009 to February 28, 2010.  All other terms of the Agreement remain the same.</P>
<P ALIGN="JUSTIFY">Under the amended plan of arrangement, assuming no currently outstanding options are exercised, each common share of Metallic Ventures not owned by Solitario will be exchanged for (i) a cash payment in the amount of US$0.34621 and (ii) 0.375061 of a share of common stock of Solitario, with an aggregate maximum cash consideration of US$18.0 million and an aggregate maximum of 19.5 million Solitario shares.  In order to offer Metallic Venture shareholders the increased number of shares, Solitario and certain of its Officers, Directors and employees agreed to voluntarily cancel approximately 1.9 million previously granted options.  Consequently, the total number of fully diluted shares post transaction only increase by approximately 600,000 shares, as a result of the Amendment. </P>
<P ALIGN="JUSTIFY">Chris Herald, President and CEO of Solitario, stated, "This enhanced offer to Metallic Ventures shareholders was the result of Metallic Ventures receiving a proposal from a third party and the significant improvement in the gold market since the Agreement was signed.  Solitario's board unanimously approved the Amendment.  We believe this Amendment is solidly in the best interests of both companies and their shareholders."  </P>
<P ALIGN="JUSTIFY">The Agreement, plan of arrangement and Amendment have been approved by the board of directors of Solitario and Metallic Ventures and will be subject, among other things, to the favourable vote of 66 2/3% of the Metallic Ventures common shares voted at a special meeting of shareholders to be called to approve the transaction.   Certain shareholders of Metallic Ventures representing approximately 65% of Metallic Ventures' outstanding shares have entered into support agreements with Solitario under which they have agreed to vote in favour of the transaction.  A joint proxy statement and management information circular is expected to be mailed to shareholders of both companies in December 2009. &#65279; </P>
<P ALIGN="JUSTIFY">The transaction will be completed pursuant to a statutory plan of arrangement pursuant to the <I>Business Corporations Act</I> (Ontario). Upon completion of the transaction, Metallic Ventures will become a direct wholly-owned subsidiary of Solitario.  Upon closing of the transaction, on a fully diluted basis, Metallic Ventures securityholders will own approximately 39.0% of Solitario and Solitario securityholders will own approximately 60.0%.  The Amendment will be filed by Metallic Ventures on SEDAR (www.sedar.com) and Solitario on SEDAR and with the Securities and Exchange Commission (www.sec.gov).</P>
<P ALIGN="JUSTIFY">Following the effective date of the arrangement, Solitario will seek to have the Metallic Ventures shares delisted from the Toronto Stock Exchange and to cease Metallic Ventures being a reporting issuer under applicable Canadian securities laws.</P>
<P ALIGN="CENTER">1</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
<B><P ALIGN="JUSTIFY">About Solitario Exploration &amp; Royalty Corp.</P>
</B><P ALIGN="JUSTIFY">Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico and Peru.  Besides Votorantim, Solitario has significant business relationships with Newmont Mining and Anglo Platinum.    Solitario is traded on the NYSE Amex ("XPL") and on the Toronto Stock Exchange ("SLR").  </P>
<P ALIGN="JUSTIFY">Additional information about Solitario is available online at www.solitarioxr.com, or for more information contact:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="LEFT">Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James R. Maronick<BR>
President and CEO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO<BR>
Solitario Exploration &amp; Royalty Corp.&#9;&#9;&#9;<BR>
303-534-1030&#9;&#9;&#9;&#9;&#9;&#9;</P>
<B><P ALIGN="JUSTIFY">About Metallic Ventures Gold Inc.</P>
</B><P ALIGN="JUSTIFY">Metallic Ventures is an Ontario incorporated exploration stage gold company with its common shares listed and posted for trading on the Toronto Stock Exchange. Metallic Ventures currently receives income from the Ruby Hill gold mine located in Nevada and operated by Barrick Gold and is focused on its two advanced stage exploration gold projects, being the projects referred to as the "Converse Project" and the "Goldfield Project". Metallic Ventures Project resource information is available on the Metallic Ventures' website. </P>
<P ALIGN="LEFT">Additional information about Metallic Ventures is available online at www.metallicventuresgold.com, or for more information contact:</P>
<P ALIGN="LEFT">Miles Bachman&#9;&#9;&#9;&#9;&#9;<BR>
President and Chief Executive Officer&#9;&#9;&#9;&#9;&#9;&#9;<BR>
Metallic Ventures Gold Inc.&#9;&#9;&#9;&#9;&#9;<BR>
(775) 826-7567&#9;&#9;&#9;&#9;&#9;&#9;</P>
</FONT><I><FONT FACE="Arial" SIZE=2><P ALIGN="JUSTIFY">This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Development of  Solitario's properties are subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political r
isks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual results to differ materially from Solitario's expectations are disclosed under the heading "Risk Factors" and elsewhere in Solitario's documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.</P>
<P ALIGN="CENTER">2</P>
<P ALIGN="LEFT">&lt;PAGE&gt;</P>
</I></FONT><B><FONT FACE="Arial" SIZE=3><P ALIGN="JUSTIFY">Additional Information</P>
</B><P ALIGN="JUSTIFY">Shareholders are urged to read the joint proxy statement/management information circular regarding the proposed transaction when it becomes available, because it will contain important information. Shareholders will be able to obtain a free copy of the joint proxy statement/management information circular, as well as other filings containing information about Solitario, without charge, at the Securities and Exchange Commission's internet site www.sec.gov. Copies of the joint proxy statement and the filings with the Securities and Exchange Commission that will be incorporated by reference in the joint proxy statement can also be obtained, without charge, by directing a request to Solitario at 1-303-534-1030. The respective directors and executive officers of Solitario and Metallic Ventures and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Solitario's directors and executive officers is availabl
e in the definitive Proxy Statement for Solitario's 2009 Annual Meeting of Shareholders which was filed with the Securities and Exchange Commission by Solitario on April 28, 2009, and information regarding Metallic Ventures' directors and executive officers will be included in the joint proxy statement/management information circular. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement and other relevant materials to be filed with the Securities and Exchange Commission when they become available.</P>
<I><P ALIGN="JUSTIFY">No regulatory authority has approved or disapproved the content of this release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.</P>
<P ALIGN="CENTER">3</P>
<P ALIGN="JUSTIFY"></P></I></FONT></BODY>
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