Sola Resource Corp.
TSX VENTURE : SL
PINK SHEETS : SOLAF

Sola Resource Corp.

August 16, 2007 09:01 ET

Sola Resource Corp. Closes Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 16, 2007) - Sola Resource Corp. (the "Company") (TSX VENTURE:SL)(PINKSHEETS:SOLAF), is pleased to announce that the first tranche of its non-brokered private placement of Units, at $0.35 per Unit, (the "Offering"), has closed. The Company has issued, in the aggregate, 8,514,285 Units, to RAB Special Situations of London (2,800,000 Units) and Sprott Asset Management of Toronto (5,714,285), to realize to its treasury $2,980,000.00. As well, the Company has sought final TSX Venture Exchange acceptance to the second tranche of the Offering, which is comprised of 2,637,857 Units and will provide $923,250.00 to the Company's treasury.

The Company will use the proceeds of the Offering for the exploration and development of its mineral resource properties in Brazil, including the continued testing of its diamondiferous kimberlite pipe located thereon, for further acquisitions and for working capital and general corporate purposes.

We seek safe harbour.

ON BEHALF OF THE BOARD OF DIRECTORS OF SOLA RESOURCE CORP.

Thomas Kovacs, President

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Sola Resource Corp.
    Thomas Kovacs
    President
    (403) 236-0339
    (403) 203-3584 (FAX)