Softrock Minerals Ltd.

Softrock Minerals Ltd.

February 22, 2012 19:20 ET

Softrock Announces Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2012) - Softrock Minerals Ltd. ("Softrock" or the "Company") (TSX VENTURE:SFT) is pleased to announce that the Company plans to issue and sell, on a private placement basis, up to 2,000,000 units ("Units") of the Company at a price of $0.07 per Unit. Each Unit will consist of one common share (a "Common Share") of Softrock and one Common Share purchase warrant (a "Warrant") entitling the holder thereof to purchase one Common Share at a price of $0.10 per share for a period of five years; provided that if the volume weighted average trading of the Common Shares on the TSX Venture Exchange is $0.25 per share or higher for 20 consecutive trading days, the Warrants will expire within 30 days of the Company giving notice of such.

Proceeds from the proposed financing will be used for general working capital purposes.

All securities issued pursuant to the private placement will be subject to a four-month hold period from the closing date. In connection with the private placement the Company may pay a finder's fee and issue broker warrants entitling the holder thereof to acquire Units at a price of $0.07 per Unit for a period of five years. The private placement is subject to approval from the TSX Venture Exchange.

This press release contains forward looking statements. More particularly, this press release contains statements concerning the anticipated closing of the private placement and the anticipated use of the proceeds of the offering. Although Softrock believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Softrock can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the private placement could be delayed if Softrock is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The private placement will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the private placement will not be completed within the anticipated time or at all. The intended use of the proceeds of the private placement by Softrock might change if the board of directors of the Company determines that it would be in the best interests of Softrock to deploy the proceeds for some other purpose.

The forward looking statements contained in this press release are made as of the date hereof and Softrock undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither 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.

Contact Information

  • Softrock Minerals Ltd.
    Honourable Nick Taylor
    President and Chief Executive Officer