Iberian Minerals Announces Non-Brokered Private Placement
CALGARY, ALBERTA--(Marketwired - Feb 25, 2015) - Iberian Minerals Ltd., formerly Solid Resources Ltd., ("Company") (TSX VENTURE:IML)(OTCQB:SLDRF) announces that it intends to proceed with a non-brokered private placement offering of units ("Units") at a subscription price of Cdn $0.05 per Unit. Each Unit will consist of one (1) common share in the capital of Iberian Minerals and one-half (1/2) of one common share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder thereof to purchase one common share in the share capital of the Corporation (a "Warrant Share") at an exercise price of $0.07 per Warrant Share during the first year following the date of closing and at $0.10 per Warrant Share during the subsequent year up to a period of two years following the date of closing. The amount to be raised is up to Cdn, $500,000 for a total of 10,000,000 shares.
The securities issued in connection with the private placement will be subject to a four month hold period. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering for general working capital.
The Company further announces that it has granted director David Cohen an aggregate of 100,000 options to purchase common shares of the Company. The options expire at the end of five years with an exercise price of $.10 per share.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain on the exploration and development of rare and industrial metals. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south-eastern Spain and is applying for an exploitation permit on its Alberta-1 tantalum/tin and lithium property in north-western Spain. For further information go to www.iberianminerals.ca
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.