|By Marketwired .||
|February 20, 2014 01:59 PM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/20/14 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE: SRW) is pleased to announce the successful completion of its non-brokered private placement previously announced on February 19, 2014 for a total of 4,250,000 common shares in the capital of the Corporation ("Common Shares") representing gross proceeds of $425,000. The Offering did not include any share purchase warrants.
The securities issued in connection with the Offering will be subject to a four month hold period that expires on June 21, 2014.
Octant Capital Group of the U.K. will receive a finder's fee equal to $21,250 in cash representing 5% of the $425,000 gross proceeds.
The closing of the private placement is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering to work with its United Kingdom based advisers in evaluating the suitability of alternative trading markets and begin the listing process if found to be strategically beneficial. The objective would be to provide the Company better access to new and existing sources of capital and offer the Company greater flexibility and opportunities to fund its aggressive growth plans for both the Cehegin Iron Ore and Alberta-1 tin/tantalum Spanish projects.
Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and industrial metals. The Company is currently studying the re-opening of the Cehegin iron ore mine in south-eastern Spain and is applying for an exploitation permit on its Alberta-1 tantalum/tin and lithium property in north-western Spain.
Neither the 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.
Solid Resources Ltd.
President & CEO