Soltoro Ltd.
TSX VENTURE : SOL

Soltoro Ltd.

July 03, 2009 11:59 ET

Soltoro Ltd. Completes $1,350,000 Financing

TORONTO, ONTARIO--(Marketwire - July 3, 2009) - Soltoro Ltd. (TSX VENTURE:SOL) (the "Company") has closed its brokered private placement with Canaccord Capital Corporation ("Canaccord") in two tranches, with a portion completed on a non brokered basis directly into Soltoro Ltd. Directors of Soltoro authorized a $100,000 increase beyond the original $1,250,000 contemplated placement, as the issue was oversubscribed. In total, Soltoro Ltd. issued 6,750,000 Units at $0.20 per Unit, for aggregate gross proceeds of $1,350,000. Each Unit consists of one common share and one half of one share purchase warrant, with each whole warrant exercisable for a period of 18 months into one additional common share at a price of $0.30 per share. The brokered portion of the private placement with Canaccord consisted of 4,835,000 Units, while the non-brokered portion of the private placement consisted of 1,915,000 Units.

Canaccord received a total commission of $43,970 cash, 166,950 common shares of Soltoro Ltd. and 483,500 agent's warrants exercisable at $0.30 for one common share for 18 months. Soltoro also paid Canaccord a corporate finance fee through the issuance of an additional 96,700 Units, and covered expenses relating to the offering.

In the event that after four months and one day after the closing dates, the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the Company's shares are listed and where a majority of the trading volume occurs), exceeds $0.50 for a period of 20 consecutive trading days, the Company may, within five days after such an event, provide notice to the warrant holders of early expiry and thereafter, the warrants will expire on the date which is 30 days after the date of the notice to the warrant holders.

All securities issued pursuant to the first and second tranches of the private placement have hold periods expiring October 25, 2010 and November 4, 2010 respectively. Management and directors subscribed for 5.9 % of the offering. The proceeds from this financing will be used for the exploration of the Company's Mexican properties and for general working capital.

Soltoro is a junior exploration company active in Mexico. The Company is exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company is conducting a resource definition drill program on its El Rayo silver-gold-lead project, has a significant joint-venture partner working on its Quila project where drilling is planned in 2009 and is advancing its Chinipas and El Santuario gold projects. Soltoro has 27,228,650 shares outstanding after completing the financing 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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