VANCOUVER, Feb. 15 /CNW/ - Solid Resources Ltd. ("Solid" or the "Corporation") (TSX-V: SRW) (Frankfurt: A0BLQQ) announced today that, further to the letter of intent announced on April
30, 2010, it has entered into a definitive agreement to sell its 49%
interest in the Bear mineral property located in the Northwest
Territories (the "Bear Property") to Silver Bear Mines Inc. ("Silver Bear"), subject to TSX Venture Exchange approval. The Corporation received
the requisite shareholder approval for the sale of the Bear Property at
the annual general and special meeting held on December 13, 2010. For
a further description of the proposed transaction, see the related
Management Information Circular dated November 8, 2010 and filed on
SEDAR at www.sedar.com on November 18, 2010.
The purchase price for the 49% interest in the Bear Property is
$3,000,000, and shall be payable: (i) by the assumption of debt (the "Assumed Debt") owing by the Corporation to certain lenders in the aggregate amount
of $1,944,191; and (ii) by the issuance and delivery of 1,250,000
common shares in the capital of Silver Bear ("Silver Bear Shares") having an aggregate value of $1,055,809. On April 30, 2010, the
Corporation entered into a debt assumption agreement, pursuant to which
Silver Bear assumed the Assumed Debt effective as of April 30, 2010 and
the lenders released the Corporation from any further obligations under
the Assumed Debt.
Mr. Randy Hayward, a director of the Corporation is a director, officer
and shareholder of Silver Bear. The Corporation has determined that
there is an exemption available from the formal valuation requirement
of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the
Proposed Transaction (Formal Valuation - Issuer Not Listed on Specified
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 Corporation 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.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact,
is forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
information. A description of assumptions used to develop such
forward-looking information and a description of risk factors that may
cause actual results to differ materially from forward-looking
information can be found in the Corporation's disclosure documents on
the SEDAR website at www.sedar.com. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
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 |
President & CEO
Solid Resources Ltd.
Ph: (780) 800-0726
| ||Investor Relations|
Toll Free: 1-888-221-0915
Ph: (403) 410-7907