EDMONTON, Feb. 11 /CNW/ - Solid Resources Ltd. ("Solid") announces that, subject to shareholder and regulatory approval, including approval of the TSX Venture Exchange, it has granted an additional 3,950,000 options to purchase common shares of Solid to the directors, officers, consultants and employees of Solid, with an exercise price of $0.29 and an expiry date of five years from date of issue. As these options have been granted over the maximum number of options available under the stock option plan, Solid will seek approval of the grants of these options by the TSX Venture Exchange and the shareholders at the next shareholders meeting and the options will not be exercisable until such approval has been obtained. The 5,000,000 options referenced in the Company's news release issued on November 24, 2009 were not allocated therefore they have been cancelled.
Solid has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these options (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
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: For further information: Mr. Garnet Harter, Tel: (780) 416-7525, firstname.lastname@example.org