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 $0.10
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
$0.15 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 $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 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
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.
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