Solid Resources Closes Private Placement
VANCOUVER, Jan. 6, 2012 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX Venture: SRW; OTCQX: SLDRF; Frankfurt: YRS ) announced today that it has closed the non-brokered private placement of Units for aggregate gross proceeds of $312,920 (the "Offering"), previously announced on November 8, 2011, subject to TSX Venture Exchange final approval.
The Company has issued a total of 3,129,200 Units at a price of
.10 per Unit. Each Unit consists of one Common Share and one Common Share Purchase Warrant. Each Warrant is exercisable into one additional Common Share for a period of 24 months after the closing at a price of
.15 per Common Share, subject to earlier termination in the event that the closing price (or closing bid price on days when there are no trades) of the common shares on the TSX Venture Exchange exceeds
.25 for 20 consecutive trading days, then upon the Corporation sending subscribers written notice of such date and issuing a news release announcing such date, the Warrant will only be exercisable for a period of 30 days following the date on which such written notice is sent to the subscribers. The securities issued in connection with the Offering will be subject to a four month hold period that expires May 7, 2012.
Finders acting in connection with the Offering received aggregate fees of Cdn $9,520.
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 Spain in addition to the Gold and Copper project in Peru, 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.
Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.
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 || || || || || The Howard Group Inc. |
| Greg Pendura || || || || || Investor Relations |
| President & CEO || || || || || Dave Burwell |
| Solid Resources Ltd. || || || || || Toll Free: 1-888-221-0915 |
| Ph: (780) 800-0726 || || || || || Ph: (403) 410-7907 |
| www.solidresources.com || || || || || Email: |
| || || || || || email@example.com |
| || || || || || www.howardgroupinc.com |