Solitario Exploration & Royalty Corp. (NYSE Amex:XPL) (TSX:SLR) today announced that it has priced an underwritten public offering of 3,400,000 shares of common stock at a price to the public of $2.50 per share. Solitario expects that the net proceeds of the offering, after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $7.8 million. Solitario intends to use the net proceeds from this offering for the completion of the feasibility study, advancement of permitting and exploration drilling at its Mt. Hamilton project, exploration in Peru and Mexico, the repayment of certain of its outstanding short-term margin borrowing and general corporate purposes, including possible acquisition and exploration of new mining properties. In connection with the offering, Solitario has granted the underwriter a 30-day option to purchase up to an additional 510,000 shares to cover over-allotments, if any. The offering is expected to close on or about April 18, 2011, subject to satisfaction of customary closing conditions.
Roth Capital Partners acted as sole manager for the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) on March 18, 2011, which became effective on March 29, 2011. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's website located at
. Electronic copies of the final prospectus supplement, when available, may be obtained by either contacting the underwriter (as set forth below) or by accessing the SEC’s website,
| Roth Capital Partners, LLC
| Attn: Syndicate Department
| 24 Corporate Plaza
| Newport Beach, CA 92660
| Phone: 800-678-9147
| Email: Rothecm@roth.com
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.