EDMONTON, July 28 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company")
announced today that it has obtained approval from the TSX Venture Exchange to
enter into a Consulting Agreement with Mr. Kevin Moore, a Director and the
Chairman of the Board of the Company.
Pursuant to the terms of the Consulting Agreement, in exchange for Mr.
Moore devoting a minimum of 20 full days per month to the business and affairs
of the Company, Mr. Moore is to receive annual consider of $60,000 which is to
be satisfied by the issuance of 300,000 common shares of the Company with a
deemed issuance price of $0.20 per common shares. Such common shares are
subject to certain escrow provision and vest in equal monthly increments.
Entering into the Consulting Agreement constitutes a related party
transaction within the meaning of applicable securities laws, as Mr. Moore is
a director of Solid. An independent committee of the Board was struck to
negotiate the terms of the Consulting Agreement. The independent committee and
the Board of Directors unanimously concluded that the Consulting Agreement and
the compensation of Mr. Moore thereunder by the issuance of common shares were
on commercially reasonable terms and would improve the financial position of
The Company also announces that it has received regulatory approval to
close a $109,500.00 private placement. The private placement consists of seven
hundred and thirty thousand units consisting of 730,000 common shares at a
price of $.15 per share and one warrant to acquire an additional common share
at a price of $.20 per share for a period of one year from the date of issue.
In connection with this private placement, Solid has paid a 6% commission on a
portion of the funds raised. The common shares of Solid acquired pursuant to
this private placement are subject to a four month hold period which will
expire on November 30, 2008.
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, silver 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.
The TSX Venture Exchange has not reviewed this release and does not
accept responsibility for the adequacy or the accuracy of this release.
For further information:
For further information: Trent Sullivan, President, (780) 416-7525,
(780) 983-9154 (cell); Garnet Harter, Director, (780) 416-7525,