Solid Resources Announces Private Placement

TSXV:  SRW
OTCQX:  SLDRF  
FRANKFURT:  YRS

VANCOUVER, Nov. 8, 2011 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX-V: SRW) (OTCQX:SLDRF) (Frankfurt: YRS) announced today it intends to proceed with a private placement offering of units ("Units") at a subscription price of Cdn $0.10 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. $0.15 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. $1,000,000 for a total of up to 10,000,000 common shares.

The Company is anticipating the results of a metallurgical study during Q4 2011 from SGS in the United Kingdom, based on the recently completed 2011 drill program on the Alberta-1(Doade-Presqueiras) rare metal property in Spain. The use of proceeds will be to further enhance our knowledge of the mineralized pegmatite dykes containing tantalum, tin, lithium and niobium.

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.

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.

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.

 

SOURCE Solid Resources Ltd.

For further information:

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: info@howardgroupinc.com
            www.howardgroupinc.com

 

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Solid Resources Ltd.

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