Sola Resource Corp.

Sola Resource Corp.

December 20, 2010 17:09 ET

Sola Closes On Private Placement

VICTORIA, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2010) - Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SORSF) (the "Company" or "Sola") is pleased to announce that the non-brokered private placement of shares, at $0.05 per share, for a total of 10,897,500 shares for a total amount of CDN$544,875.00 in its capital (the "Offering") announced on October 25, 2010 has now been submitted for final approval by the TSX Venture Exchange. A finders fee of $10,020 will to be payable in accordance with the policies of the TSX Venture Exchange.

Sola intends to use the proceeds from the Offering for the continuation of the due diligence, the corporate and operational review of Amazon Resources Limited and general working capital.

Pursuant to Policy 5.9 of the TSX Venture Exchange and Multilateral Instrument 61-101 ("MI 61-101"), the private placement may be classified as a "related party transaction" as certain directors and officers of the Corporation (the "Related Parties") are subscribing for common shares. In reviewing the applicable valuation requirements under MI 61-101, the Corporation has determined that the exemption set out in subsections (a) and (b) in section 5.5 of MI 61-101 are applicable since the aggregate consideration to be paid by the Related Party does not exceed 25% of the market capitalization of the Corporation as at the date hereof and the Corporation is only listed on the TSX Venture Exchange and is not listed or quoted on any of the specified markets listed in subsection 5.5(b). In addition, in reviewing the minority shareholder approval exemptions, the independent directors determined that the exemption set out in subsections (a) and (b) in section 5.7 of MI 61-101 is applicable.

The securities issued pursuant to the Offering are subject to a hold period expiring four (4) months and one day from the date that the TSX Venture Exchange issues its final bulletin.

Sola is a junior exploration company with assets in Canada and Brazil. The Company has primarily focused on diamond, manganese and gold resource properties since inception. All available resource reports and information on the Company's properties are located on the Company website.

Sola continues to provide shareholders with Investor Updates, please ensure that you have already registered on the company website, if not please visit and input your name and email address on the home page. 

Issued on behalf of the Board of Directors of Sola Resource Corp.

Dr. William (Bill) Pfaffenberger, CEO and Director

The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbour.

Neither the TSX Venture Exchange nor its Regulation Service 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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