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Shareholders Equity
 9 Months Ended
Sep. 30, 2024
Shareholders Equity  
Shareholders' Equity

11. Shareholders’ Equity

 

Shareholders’ Equity for the nine months ended September 30, 2024:

 

(in thousands, except

 

 

 

 

 

 

 

 

 

 

Share amounts)

 

Common

 

 

Common

 

 

Additional

 

 

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2023

 

 

79,586,358

 

 

$796

 

 

$82,796

 

 

$(57,642)

 

$25,950

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

59

 

Issuance of shares- option exercises

 

 

50,000

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

14

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(730)

 

 

(730)

Balance at March 31, 2024

 

 

79,636,358

 

 

$796

 

 

$82,869

 

 

$(58,372)

 

$25,293

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

356

 

 

 

-

 

 

 

356

 

Issuance of shares for cash - ATM

 

 

1,802,060

 

 

 

18

 

 

 

1,200

 

 

 

-

 

 

 

1,218

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(762)

 

 

(762)

Balance at June 30, 2024

 

 

81,438,418

 

 

$814

 

 

$84,425

 

 

$(59,134)

 

$26,105

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

125

 

 

 

-

 

 

 

125

 

Issuance of shares- option exercises

 

 

200,000

 

 

 

2

 

 

 

38

 

 

 

-

 

 

 

40

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,276)

 

 

(2,276)

Balance at September 30, 2024

 

 

81,638,418

 

 

$816

 

 

$84,588

 

 

$(61,410)

 

$23,994

 

 

Shareholders’ Equity for the nine months ended September 30, 2023:

 

(in thousands, except

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share amounts)

 

Common

 

 

Common

 

 

Additional

 

 

 

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2022

 

 

64,801,373

 

 

$648

 

 

$74,886

 

 

$(53,888)

 

$21,646

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

67

 

 

 

-

 

 

 

67

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(380)

 

 

(380)

Balance at March 31, 2023

 

 

64,801,373

 

 

$648

 

 

$74,953

 

 

$(54,268)

 

$21,333

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

59

 

 

 

-

 

 

 

59

 

Issuance of shares - option exercises

 

 

50,000

 

 

 

1

 

 

 

13

 

 

 

-

 

 

 

14

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,040)

 

 

(1,040)

Balance at June 30, 2023

 

 

64,851,373

 

 

$649

 

 

$75,025

 

 

$(55,308)

 

$20,366

 

Stock-based compensation expense

 

 

-

 

 

 

-

 

 

 

58

 

 

 

-

 

 

 

58

 

Issuance of shares - option exercises

 

 

145,000

 

 

 

1

 

 

 

44

 

 

 

-

 

 

 

45

 

Private placement

 

 

4,166,667

 

 

 

42

 

 

 

2,380

 

 

 

 

 

 

 

2,422

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,292)

 

 

(1,292)

Balance at September 30, 2023

 

 

69,163,040

 

 

$692

 

 

$77,507

 

 

$(56,600)

 

$21,599

 

 

At the Market Offering Agreement

 

On December 19, 2023, Solitario entered into an amendment to its at-the-market offering agreement that was originally entered into in 2021 (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which Solitario may, from time to time, issue and sell shares of Solitario’s common stock through Wainwright as sales manager in an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $10.0 million (the “ATM Program”).   The common stock is distributed at the market prices prevailing at the time of sale. As a result, prices of the common stock sold under the ATM Program may vary as between purchasers and during the period of distribution. The ATM Agreement provides that Wainwright is entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold. 

 

During the nine months ended September 30, 2024, Solitario sold an aggregate of 1,802,060 shares of common stock under the ATM Agreement at an average price of $0.70 per share for net proceeds of $1,218,000, after commissions and sale expenses.  During the three months ended September 30, 2024, and during the three and nine months ended September 30, 2023, Solitario did not sell any shares under the ATM Program.

 

Private Placement

 

On July 31, 2023, Solitario entered into a Stock Purchase Agreement (the “SPA”) with Newmont Overseas Exploration Ltd. (“Newmont”), for the purchase and sale of 4,166,667 shares of Solitario common stock (the “Shares”), at a price of $0.60 per share for net proceeds of $2,422,000 after certain legal and regulatory offering costs of $78,000.  In connection with the sale of the Shares Solitario and Newmont entered into an Investor Rights Agreement, which granted Newmont certain additional rights, including a preemptive right, certain anti-dilution protections and certain other rights related to Solitario’s Golden Crest mineral property assets.