Solid Resources Ltd. Announces Private Placement
01.06.2011 | CNW
VANCOUVER, June 1, 2011 - Solid Resources Ltd. ('Solid' or the 'Company') (TSX-V: SRW) (Frankfurt: YRS) announced today it intends to proceed with a private placement offering of units ('Units') at a subscription price of Cdn $0.10 per Unit. Each Unit will consist of one (1) common share in the capital of Solid and one common share purchase warrant (a 'Warrant'). Each Warrant will entitle the holder thereof to purchase one common share in the capital of Solid at a price of Cdn. $0.15 until the date that is twenty-four (24) months from the initial Closing Date. The amount to be raised under the private placement is up to Cdn. $1,000,000 for a total of up to 10,000,000 common shares.The 2011 Drill Program on the Doade-Presqueiras rare metal property in Spain is in the final stage of completion, on time and on budget. The use of proceeds will be to further enhance our knowledge of the mineralized pegmatite dykes plus commence initial exploration the Peruvian gold/copper property.
The securities issued in connection with the private placement will be subject to a four month hold period. A finder's fee may be payable on a portion of the financing up to a maximum of 7% cash and 7% brokers warrants of the gross proceeds. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
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 Company 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.
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.
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Solid Resources Ltd
Greg Pendura, President & CEO
Solid Resources Ltd.
Ph: (780) 800-0726
www.solidresources.com
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Dave Burwell
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