GRAT Holdings LLC 4
4 · Sunshine Silver Mining & Refining Co · Filed Jun 8, 2026
Research Summary
AI-generated summary of this filing
SSMR 10% Owner Tigris Financial Exercises Warrants, Withholds Shares
What Happened
Tigris Financial Group Ltd. (a reported 10% owner of Sunshine Silver Mining & Refining Co., SSMR) exercised warrants on 2026-06-05 to acquire 2,739,640 shares at an exercise price of $2.87 per share (total cost ≈ $7,862,767). To satisfy the exercise price/tax obligations, 582,022 shares were surrendered/withheld (treated as a disposition) at $13.50 per share (value ≈ $7,857,297). In addition, 8,929 restricted stock units (RSUs) were granted (each convertible to one share subject to vesting conditions) to Thomas S. Kaplan.
Key Details
- Transaction date: 2026-06-05; Form 4 filed: 2026-06-08 (timely within the Section 16 reporting window).
- Warrants exercised: 2,739,640 shares at $2.87 each — aggregate exercise cost ≈ $7.86M.
- Shares withheld/disposed to cover exercise price/taxes: 582,022 shares at $13.50 each — value ≈ $7.86M.
- RSU grant: 8,929 RSUs (each convertible to one share), vesting on the earlier of 1 year after grant or immediately before the 2027 annual meeting, subject to continued board service (footnote F1).
- Net new shares delivered to Tigris (after withholding): 2,157,618 shares (2,739,640 acquired less 582,022 withheld).
- Ownership/relationships: Tigris is wholly owned by Thomas S. Kaplan (footnote F5). Other footnotes describe related Electrum entities and possible Section 13(d) group status; reporting persons disclaim beneficial ownership except to extent of pecuniary interest.
- Footnote F2 states this was a net exercise of warrants immediately prior to the issuer’s IPO in accordance with warrant terms.
Context
- This was an exercise/conversion of derivative securities (warrants) with shares withheld to cover payment/tax obligations — effectively a cashless/net exercise common in such transactions.
- The RSUs granted are contingent awards that vest with continued board service and do not represent immediate free shares.
- As a 10% owner entity (not a rank-and-file executive trade), this reflects a financing/structural transaction rather than a straightforward buy or sell signal by a company insider.
Insider Transaction Report
Form 4
Tigris Financial Group Ltd.
10% Owner
Transactions
- Award
Common Stock
[F1]2026-06-05+8,929→ 8,929 total - Exercise/Conversion
Common Stock
[F2][F3]2026-06-05$2.87/sh+2,739,640$7,862,767→ 78,677,940 total(indirect: By LLC) - Tax Payment
Common Stock
[F2][F3]2026-06-05$13.50/sh−582,022$7,857,297→ 78,095,918 total(indirect: By LLC) - Exercise/Conversion
Warrant (right to buy)
[F2][F3]2026-06-05−2,739,640→ 0 total(indirect: By LLC)Exercise: $2.87From: 2022-09-02Exp: 2027-09-02→ Common Stock (2,739,640 underlying)
Holdings
- 7,365,270(indirect: By LLC)
Common Stock
[F4] - 1,266,260(indirect: By Tigris Financial Group Ltd.)
Common Stock
[F5] - 60,010(indirect: By LLC)
Common Stock
[F6] - 393,230(indirect: By LLC)
Common Stock
[F7]
Footnotes (7)
- [F1]Represents restricted stock units ("RSUs") granted to Thomas S. Kaplan. Each RSU represents a contingent right to receive one share of the Issuer's common stock. The RSUs vest in full on the earlier of (i) the first anniversary of the grant date or (ii) the day immediately proceeding the date of the Issuer's 2027 Annual Meeting of Stockholders, subject to Mr. Kaplan's continued service as a member of the Issuer's Board of Directors through such date.
- [F2]This transaction relates to the net exercise of warrants to purchase 2,739,640 shares of the Issuer's common stock immediately prior to the completion of the initial public offering of the Issuer's common stock, in accordance with the terms of the warrants.
- [F3]These securities are owned directly by Electrum Silver US LLC ("ESUS"). Electrum Strategic Management LLC ("ESM") is the manager of ESUS. ESM is wholly owned by Electrum Global Holdings L.P. ("Global Holdco"), and TEG Global GP Ltd. ("TEG Global") is the general partner of Global Holdco. The Electrum Group LLC ("TEG") acts as an investment advisor to Global Holdco. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
- [F4]These securities are owned directly by Electrum Silver US II LLC ("ESUS II"). Electrum Strategic Opportunities Fund II L.P. ("ESOF II") owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."), and the general partner of ESOF II GP L.P. is ESOF II GP Ltd. ("ESOF II GP"). ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. Thomas S. Kaplan, Chairman of the Issuer's Board of Directors, is also Chairman, Chief Executive Officer and Chief Investment Officer of TEG. Each of these reporting persons (other than Mr. Kaplan who is a director of the Issuer) may be deemed to be a director by deputization of the Issuer.
- [F5]These securities are owned directly by Tigris Financial Group Ltd., which is wholly owned by Thomas S. Kaplan.
- [F6]These securities are owned directly by Manul Capital Management LLC. Thomas S. Kaplan serves as managing member of Manul Capital Management LLC.
- [F7]These securities are owned directly by GRAT Holdings LLC. Thomas S. Kaplan serves as managing member of GRAT Holdings LLC.