Ospraie exercises Sunshine Silver (SSMR) warrant, gains 2.06M locked-up shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Sunshine Silver Mining & Refining Co reported that an affiliate of Ospraie completed a cashless exercise of a warrant in connection with the closing of its initial public offering. The warrant covered 2,615,060 shares of common stock at an exercise price of $2.87 per share. The issuer withheld 555,555 of the warrant shares to pay the exercise price and cancelled those shares, issuing the remaining 2,059,505 shares of common stock to Ospraie Real Assets Fund LP. Footnotes state that no shares were sold into the market and that the newly issued shares remain subject to an IPO lock-up agreement. Several Ospraie entities and Dwight Anderson may be deemed to share beneficial ownership, while each disclaims ownership beyond any pecuniary interest.
Positive
- None.
Negative
- None.
Insights
Ospraie executed a cashless warrant exercise tied to Sunshine Silver’s IPO, increasing common stock holdings without any market sale.
The filing describes automatic, cashless exercise of a warrant for 2,615,060 Sunshine Silver common shares at $2.87 per share upon the IPO closing. The issuer withheld and cancelled 555,555 underlying shares to satisfy the exercise price, issuing 2,059,505 new shares to Ospraie Real Assets Fund LP.
This is an exercise-and-hold style event: no open-market sales occurred, and the new shares remain subject to an IPO lock-up. Multiple Ospraie entities and Dwight Anderson may be deemed beneficial owners through investment management and general partner roles, though each disclaims beneficial ownership beyond any pecuniary interest.
Insider Trade Summary
Net Seller: 555,555 shares ($7,499,993)
Net Sell
3 txns
Insider
Ospraie Real Assets Fund LP, Ospraie Real Assets GP LLC, Ospraie Management, LLC, Ospraie Holding I, L.P., Ospraie Management, Inc., Anderson Dwight
Role
null | null | null | null | null | null
Sold
555,555 shs ($7.50M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| X | Warrant (right to buy) | 2,615,060 | $0.00 | -- |
| X | Common Stock, par value $0.001 per share | 2,615,060 | $2.87 | $7.51M |
| Sale | Common Stock, par value $0.001 per share | 555,555 | $13.50 | $7.50M |
Holdings After Transaction:
Warrant (right to buy) — 0 shares (Direct, null);
Common Stock, par value $0.001 per share — 25,314,550 shares (Direct, null)
Footnotes (1)
- On June 5, 2026, in connection with the closing by Sunshine Silver Mining & Refining Company (the "Issuer") of the initial public offering of its common stock (the "IPO"), a warrant to purchase 2,615,060 shares of the common stock of the Issuer (the "Warrant"), exercisable at $2.87 per share, held by Ospraie Real Assets Fund LP ("ORA Fund"), was automatically exercised on a cashless basis, resulting in the Issuer withholding 555,555 of the warrant shares to pay the exercise price and issuing to ORA Fund the remaining 2,059,505 shares. The Warrant was outstanding as of the date of the Issuer's prospectus (the "Prospectus") relating to the IPO as disclosed in the Prospectus. This filing solely relates to the cashless exercise of the Warrant, which was effected solely by the surrender to the Issuer of shares of the Issuer's common stock issuable upon exercise of the Warrant and the Issuer's cancellation thereof to pay the exercise price of the Warrant. No shares of the Issuer's common stock were sold by the reporting person(s) and the shares issued to ORA Fund upon the cashless exercise of the Warrant remain subject to the lock-up agreement that was entered into by ORA Fund in connection with the IPO and disclosed in the Prospectus. Ospraie Management, LLC ("OM LLC") is the investment manager of ORA Fund and has been delegated voting and investment power and thus beneficial ownership of the securities of the Issuer held by ORA Fund. Ospraie Holding I, LP ("Ospraie Holding") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of OM LLC. Ospraie Management, Inc. ("OM Inc.") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of Ospraie Holding. Ospraie Real Assets GP LLC ("Ospraie GP") may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the general partner of ORA Fund. Dwight Anderson may be deemed to beneficially own the securities of the Issuer held by ORA Fund as the managing member of Ospraie GP and as the sole owner of OM Inc. Each reporting person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, if any. The warrant is exercisable until September 2, 2027; provided, that the warrant shall automatically be deemed to be exercised, on a cashless exercise basis, as to all shares of common stock of the Issuer for which it shall not previously have been exercised, upon the closing of an initial public offering by the Issuer.
Key Figures
Warrant size: 2,615,060 shares
Exercise price: $2.87 per share
Shares withheld: 555,555 shares
+1 more
4 metrics
Warrant size
2,615,060 shares
Shares of Sunshine Silver common stock covered by the warrant
Exercise price
$2.87 per share
Exercise price of the warrant for Sunshine Silver common stock
Shares withheld
555,555 shares
Underlying warrant shares withheld and cancelled to pay exercise price
Shares issued
2,059,505 shares
New Sunshine Silver common shares issued to Ospraie Real Assets Fund LP
Key Terms
cashless exercise, lock-up agreement, beneficial ownership, initial public offering, +1 more
5 terms
cashless exercise financial
"was automatically exercised on a cashless basis, resulting in the Issuer withholding"
A cashless exercise is a way for an option holder to convert stock options into actual shares without paying the purchase price in cash; instead they immediately give up a portion of the newly issued shares to cover the cost and any withholding taxes. Investors care because this process increases the number of shares available and can slightly dilute existing holdings, while also signaling how insiders or employees are realizing compensation without needing cash — similar to paying for a purchase by handing over part of what you just bought.
lock-up agreement financial
"the shares issued to ORA Fund upon the cashless exercise of the Warrant remain subject to the lock-up agreement"
A lock-up agreement is a contract that prevents company insiders and early investors from selling their shares for a fixed period after a stock sale, often after an initial public offering. It matters to investors because it temporarily limits the number of shares that can hit the market, which can keep the share price steadier; when the lock-up ends, a sudden increase in available shares can create extra volatility, revealing insiders’ confidence or lack thereof.
beneficial ownership financial
"may be deemed to beneficially own the securities of the Issuer held by ORA Fund"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
initial public offering financial
"in connection with the closing by Sunshine Silver Mining & Refining Company of the initial public offering of its common stock"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
warrant financial
"a warrant to purchase 2,615,060 shares of the common stock of the Issuer"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
FAQ
What insider transaction did Ospraie report for Sunshine Silver Mining (SSMR)?
Ospraie reported a cashless exercise of a warrant for 2,615,060 Sunshine Silver common shares at $2.87 per share. The issuer withheld 555,555 shares to cover the exercise price and issued 2,059,505 shares to Ospraie Real Assets Fund LP.
What is the relationship between the warrant exercise and Sunshine Silver’s IPO?
The warrant was automatically exercised on a cashless basis upon the closing of Sunshine Silver’s initial public offering. A footnote explains the warrant was outstanding as of the IPO prospectus date and was structured to be automatically exercised at IPO closing if not previously exercised.