Solid Resources Completes Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE: SRW)(OTCQX: SLDRF)(FRANKFURT: YRS) is pleased to announce the completion of the second tranche of its previously announced non-brokered private placement (see NR of March 22, 2013) for a total of 3,975,000 units representing gross proceeds of $318,000. Each unit consists of one share and one share purchase warrant, with each warrant exercisable to acquire an additional share until April 22, 2015. The warrants are subject to an accelerated expiry stating that if at any time, after the standard 4 month hold period, the closing price of the Company's common shares on the TSX Venture Exchange exceeds $0.25 for any 20 consecutive trading days, the warrant holder will be given notice that the warrants will expire 30 days following the date of such notice.
The closing of the private placement is subject to approval by the TSX Venture Exchange.
On closing and when combined with the previous tranche, the Company will have issued a total of 7,812,500 units for gross proceeds of $625,000. The Company had originally applied for a private placement of $500,000, however, due to strong investor support, the Company sought approval from the Exchange for an additional $125,000. On receiving approval the Company may also pay a finder's fee of $12,180 cash.
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain and re-opening 62 iron ore concessions in south-eastern Spain.
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.
Contacts:
Solid Resources Ltd.
Greg Pendura
President & CEO
780-800-0726
www.solidresources.com
Renmark Communications Inc.
Robert Thaemlitz
416-644-2020 or 514-939-3989
rthaemlitz@renmarkfinancial.com
Renmark Communications Inc.
Nadia Marks
416-644-2020 or 514-939-3989
nmarks@renmarkfinancial.com