Iberian Minerals Limited: Completes Non-Brokered Private Placement
CALGARY, Mar 6, 2015 - Iberian Minerals Ltd., formerly Solid Resources Ltd., ("Company") (TSX VENTURE:IML) (OTCQB:SLDRF) announces the successful completion of its non-brokered private placement previously announced on February 25, 2015 for a total of 12,000,000 common shares in the capital of the Corporation ("Common Shares") representing gross proceeds of $600,000. The Company had originally announced that it had intended to raise up to $500,000 however, due to strong investor support, it is seeking approval from the Exchange for an additional $100,000. 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 Warrants are subject to an accelerated expiry if: during the period from six months after the closing date to one year after the closing date, the closing price (or closing bid price on days when there are no trades) of the common shares of the Corporation on the TSX Venture Exchange is $0.09 or greater for any 10 consecutive trading days; or during the period from six months after the closing date to two years after the closing date, the closing price (or closing bid price on days when there are no trades) of the common shares of the Corporation on the TSX Venture Exchange is $0.125 or greater for any 10 consecutive trading days, then in either case upon the Corporation issuing a news release announcing the Corporation's election to accelerate the expiry of the Warrants, the Warrants will only be exercisable for a period of 30 days following the date of such news release, following which the Warrants will expire.
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.
On receiving approval the Company may also pay a finder's fee of $7,000 cash.
The Company further announces the resignation of Michael Nayyar as the CFO. The management and directors of the Company would like to thank Mr. Nayyar for his contributions to Iberian Minerals and wish him well on his future endeavors. Rick Gliege will now assume the position of interim CFO, a position he previously held with the Company from 2010 to 2014. Mr. Gliege will continue his duties as Executive Director-Corporate Development.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain. The Company is currently studying the re-opening of the Cehegin iron ore concessions in south-eastern Spain and is the process of evaluating a number of additional resource assets throughout 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.
Contact
Iberian Minerals Ltd.
Greg Pendura, President & CEO
780-800-0726
info@iberianminerals.ca
www.iberianminerals.ca