|By Marketwired .||
|February 4, 2014 03:08 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/04/14 -- 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.
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
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