Solid Resources Announces Non-Brokered Private Placement
VANCOUVER, May 1, 2012 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX-V: SRW) (OTCQX: SLDRF) (Frankfurt: YRS) announced today it intends to proceed with a non-brokered private placement offering of units ("Units") at a subscription price of Cdn
.10 per Unit. Each Unit will consist of one (1) common share in the capital of Solid and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share in the capital of Solid at a price of Cdn.
.15 until the date that is twenty-four (24) months from the initial Closing Date. The amount to be raised under the private placement is up to Cdn. $1,100,000 for a total of up to 11,000,000 common shares.
The Company also wishes to announce that as of the date of this news release, the private placement is fully subscribed.
The securities issued in connection with the private placement will be subject to a four month hold period. A finder's fee may be payable on a portion of the financing up to a maximum of 7% cash and 7% brokers warrants of the gross proceeds. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering to fund exploration of the Company's Doade-Presqueiras Tin, Tantalum and Lithium project in addition to other opportunities in Spain, plus general working capital.
About Solid Resources:
Solid Resources is a Canadian junior mining company focusing on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently quantifying the presence of tantalum, tin, lithium and other rare minerals on its property in north-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca in northwest Perú.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Solid Resources Ltd
President & CEO
Solid Resources Ltd.
Ph: (780) 800-0726