2013-01-18 15:09:08 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/18/13 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(OTCQX:SLDRF)(FRANKFURT:YRS) is pleased to announce that it has closed the non-brokered private placement of Units for aggregate gross proceeds of $250,000 (the "Offering"), previously announced on January 15, 2013, subject to TSX Venture Exchange final approval.
The Company has issued a total of 4,166,666 Units at a price of $0.06 per Unit. Each Unit consists of one Common Share and one Common Share Purchase Warrant. Each Warrant will entitle the holder thereof to purchase one (1) common share in the share capital of the Corporation (a "Warrant Share") at a price of $0.15 at any time prior to 4:30 p.m. (Vancouver time) on the date that is twenty four (24) months from the date of the issuance of the Units, 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 $0.25 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 on May 22, 2013.
Insiders participating: Mr. Greg Pendura - $50,000
The Company intends to use the proceeds from the Offering for ongoing project development in Spain and general working capital.
About Solid Resources:
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.
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