Solomon to Raise up to $250,000 in Flow-Through and $100,000 in Non-Flow-Through Unit Private Placements
20 Septiembre 2011 - 8:30AM
Marketwired
Solomon Resources Limited (TSX VENTURE: SRB) proposes to raise up
to $250,000 through a private placement of up to 1,785,714
flow-through units at $0.14 per unit and up to $100,000 through a
private placement of up to 769,230 non-flow-through units at $0.13
per unit.
Each unit will consist of one common share and one
non-transferable share purchase warrant to purchase a further
(non-flow-through) common share for $0.22 in the first year and
$0.30 in the second year. The expiry date of the warrants may be
reduced to 25 trading days from notice thereof if the closing price
of the common shares equals or exceeds $0.35 for 20 consecutive
trading days after the expiry of the four month restricted resale
period.
Finders' fees of 8% will be paid on funds raised from investors
introduced by finders. Solomon will also issue warrants to such
finders to purchase that number of (non-flow through) common shares
equal to 8% of the number of units sold to investors introduced by
the finders. The finder warrants will be exercisable for two years
at $0.20 per share in the first year and for $0.25 per share in the
second and will be subject to the accelerated expiry provision of
the warrants contained in the units.
The proceeds of this placement will be used for the exploration
of Solomon's interests in the Yukon Territory, claim staking, and
general corporate overheads.
About Solomon Resources Ltd.:
Solomon Resources Ltd. is a Canadian public company focused on
the acquisition, exploration and development of quality mineral
properties worldwide. Solomon is managed by a proven team of
exploration geologists involved with the discovery and development
of a number of significant mineral deposits including the Snip and
Eskay Creek deposits in British Columbia and the Brewery Creek
deposit in the Yukon Territory.
Solomon's business model is that of a Project Generator. To
build shareholder value, the Company intends to acquire highly
prospective mineral tenures in stable jurisdictions with the
objective of adding value through grassroots exploration and target
refinement and then seeking option or joint venture partners
through to production.
The Project Generator model is particularly suited to the
Company's ongoing interest in the Yukon Territory where we have a
wealth of intellectual capital and experience.
For additional information visit Solomon's website at
www.solomonresources.ca.
Randy Rogers, President and CEO
Solomon Resources Limited
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accept responsibility for the
adequacy or accuracy of this release.
Contacts: Solomon Resources Limited Randy Rogers President and
CEO 778-475-5551 or 1-866-831-6666 778-475-5541 (FAX)
www.solomonresources.ca
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