Soltoro Ltd. Completes $975,000 Financing
04 Febrero 2014 - 2:07PM
Marketwired
Soltoro Ltd. Completes $975,000 Financing
TORONTO, ONTARIO--(Marketwired - Feb 4, 2014) - Soltoro Ltd.
(TSX-VENTURE:SOL) ("Soltoro" or the "Company") is pleased to
announce it has closed a non-brokered private placement of an
aggregate of 9,750,000 units (the "Units") at a price of $0.10 per
Unit for total gross proceeds of $975,000 (the "Offering").
Each Unit consists
of one common share in the capital of the Company (a "Common
Share") and one Common Share purchase warrant (a "Warrant"). Each
Warrant entitles the holder to purchase one additional Common Share
until February 4, 2016 (the "Expiry Date") at an exercise price of
$0.15 per Common Share until the Expiry Date.
In connection with
the financing, the Company has paid to eligible persons (the
"Finders") a cash finder's fee of an aggregate of $38,150 and has
issued 381,500 finder's warrants ("Finder's Warrants") equal to 7%
of the aggregate number of Units placed by the Finders in the
Offering. Each Finder's Warrant is exercisable to acquire one Unit
at a price of $0.10 per Unit until February 4, 2016.
Six directors and
officers of the Company participated in the Offering, subscribing
for an aggregate of 780,000 Units. In addition, Ernesto Echavarria
subscribed for an aggregate of 2,500,000 Units in the Offering for
gross proceeds to the Company of $250,000. Upon completion of the
Offering, Mr. Echavarria holds an aggregate of 11,526,700 Common
Shares representing approximately 16.58% of the issued and
outstanding Common Shares.
The Common Shares
and Warrants issued as Units pursuant to the Offering will be
subject to a four month regulatory hold period commencing from the
date of closing. The Offering is subject to TSXV acceptance of
requisite regulatory filings.
Net proceeds of this
private placement will be used to further the Company's exploration
projects, fund possible new acquisitions and for general working
capital. All securities issued pursuant to the private placement
are subject to a four month and one day hold period.
About Soltoro:
Soltoro is a junior
exploration company exploring for bulk tonnage gold, silver and
copper deposits in Mexico. The Company continues to develop its El
Rayo silver-gold project to expand the existing NI 43-101 compliant
primary silver resource. Soltoro has also recently completed a
mapping and sampling program at its Pena Grande project; and is
actively advancing its Victoria, Quila, Tortuga, Chinipas and El
Santuario projects. Upon completion of the Offering, Soltoro has
69,533,037 common share issued and outstanding and trades on the
TSX Venture Exchange under the symbol "SOL".
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
Soltoro Ltd.Andrew ThomsonPresident(416)
987-0722www.soltoro.com
(TSXV:SOL)
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