Solid Resources Ltd. (SLDRF: OTC Link) | Solid Resources Closes Private Placement

Solid Resources Closes Private Placement

Jan 06, 2012

OTC Disclosure News Service

Vancouver, BC, Canada –

For Immediate Release                                                                                                  January 6, 2012                                                                                 

 

 

Solid Resources Closes Private Placement

VANCOUVER, Solid Resources Ltd. (“Solid” or the”Company”) (TSX Venture: SRW; OTCQX: SLDRF; Frankfurt: YRS) announcedtoday that it has closed the non-brokered private placement of Units for aggregate gross proceeds of $312,920 (the “Offering”), previously announced on November 8, 2011, subject to TSX Venture Exchange final approval.

The Company has issued a total of 3,129,200 Units at a price of $0.10 per Unit. Each Unit consists of one Common Share andone Common Share Purchase Warrant. Each Warrant is exercisable into one additional Common Share for a period of 24 months after the closing at a priceof $0.15 per Common Share,  subject to earlier termination in the event that the closing price (or closing bidprice on days when there are no trades) of the common shares on the TSX Venture Exchange exceeds $0.25 for 20 consecutive trading days, then upon the Corporation sending subscribers written notice of such date and issuing a news release announcing such date, the Warrant will only be exercisable for a period of 30 days following the date on which such written notice is sent to the subscribers.  Thesecurities issued in connection with the Offering will be subject to a four month hold period that expires May 7, 2012.

Finders acting in connection with the Offering received aggregate fees of Cdn $9,520.

The Company intends to use the proceeds from the Offering to fund exploration of the Company’s Doade-Presqueiras Tin, Tantalum and Lithium project in Spain in addition to the Gold and Copper project in Peru, plusgeneral working capital.

About Solid Resources:

Solid Resources is a Canadian junior mining company focusing onthe 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 innorth-western Spain. In addition, further exploratory work is being conducted on its gold, copper concession in the Province of Ayabaca innorthwest Perú.

Forfurther information contact:

Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as “could”, “should”,”expect”, “believe”, “will” and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results,performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the marketconditions and prices of tantalum, lithium, tin, and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations,including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid’s filings with the Canadian Securities Regulators.

 

Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SLDRF/news?id=40761

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