VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 30, 2013) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW) announced today it intends to proceed with a non-brokered private placement offering of units ("Units") at a subscription price of Cdn $0.12 per Unit. Each Unit will consist of one (1) common share in the capital of Solid and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) common share in the share capital of the Corporation (a "Warrant Share") at an exercise price of $0.20 per Common Share during the first year following the date of closing and at $0.26 per Common Share during the subsequent year up to a period of two years following the date of closing. The amount to be raised is up to Cdn. $1,200,000 for a total of 10,000,000 shares.
The securities issued in connection with the private placement will be subject to a four month hold period. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering to fund exploration of the Company's Cehegin Iron Ore project in south-eastern Spain and the Alberta-1 Tin, Tantalum and Lithium project in north-western Spain, plus general working capital.
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 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.