Solid Resources with successful private placement
VANCOUVER, - Solid Resources Ltd. (“Solid” or the “Company”) (TSX-V: SRW) (Frankfurt: YRS) is pleased to announce the successful completion of the non-broker-managed private placement as announced on December 30, 2013. A total of 10.541.667 units were placed with gross proceeds of $ 1.265.000. The company originally intended to raise up to $ 1.200.000, but investor support has been so strong that they are now seeking approval for the additional $ 65.000 from the stock exchange.
Each unit consists of one share and one share purchase warrant. Each Warrant entitles the holder to purchase one (1) common share of the Company's equity (one "Warrant Share") at an exercise price of 0,20 CAD per common share within the first year following the closing date and 0,26 CAD the following year of the two-year period following the closing date. The warrants are subject to an accelerated exercise term if, at any time after the four-month hold period, the closing price of the shares on the TSX Venture Exchange exceeds 0,40 CAD on 10 consecutive trading days. The Warrant Holder will then be notified in writing that his Warrants will expire within 30 days following this date. The securities issued in connection with the offer are subject to a four-month hold period on 8. May 2014 ends.
A brokerage fee of 71.589,00 CAD and 218.050 Warrants is paid, with each broker soliciting the holder to acquire one (1) common share of common equity (one "warrant share") at an exercise price of 0,20 CAD per common share within the first year following the closing date and to 0,26 CAD in the following year of the biennium after the closing date. These warrants are also subject to the accelerated expiration clause as described above.
The completion of the private placement is subject to all regulatory approvals and acceptance by the TSX Venture Exchange.
The Company intends to use the proceeds from the bid to explore the Cehegin iron ore project in southeastern Spain and the Alberta-1 tin-tantalum lithium project in northwestern Spain, as well as working capital.
Solid Resources is a Canadian junior mining company focused on Spain. The focus is on the exploration and development of rare and precious metals as well as industrial raw materials. The company is currently investigating the reopening of the Cehegin iron ore mine in southeastern Spain. They are also applying for a mining license on the Alberta-1 tantalum / tin and lithium deposit in northwestern Spain.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the rules of the TSX Venture Exchange) accepts any responsibility for the accuracy or consistency of this press release.
For more information please contact:
Solid Resources Ltd
Greg Pendura
President & CEO
Solid Resources Ltd.
Ph: (780) 800-0726
www.solidresources.com
Swiss Resource Capital AG Jochen Staiger ppgad@pucrs.br
No liability is assumed for the accuracy of the translation! Please note english original message!
Source: IRW-Press.com.
