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

Sola Resource Corp.

February 26, 2008 14:16 ET

Sola Resource Corp.: Private Placement- Consulting Agreements

CALGARY, ALBERTA--(Marketwire - Feb. 26, 2008) - Sola Resource Corp. (the "Company") (TSX VENTURE:SL) (PINK SHEETS:SOLAF), is pleased to announce a non-brokered private placement of up to 1,666,667 Units, for a total amount of CDN$500,000.00 in its capital (the "Offering"). Each Unit will be comprised of one common share and one non-transferable share purchase warrant (the "Warrant" or "Warrants"). Each Unit will be priced at CDN$0.30 and each two Warrants will entitle the holder to purchase one common share of the Company at an exercise price of CDN$0.50, for a period of 18 months from the date of issuance of the Units.

The Company may pay a finder's fee(s) in accordance with the policies of the TSX Venture Exchange.

The Company will use the proceeds of the Offering for the exploration and development of its mineral resource properties in Brazil, including the commencement of testing of its diamondiferous Kimberlite pipe(s) located thereon, and for working capital and general corporate purposes.

The Company wishes to announce also that it has retained VSA Capital Ltd. of London, England ("VSA Capital"), subject to receipt of regulatory approval. VSA Capital will provide introductory and equity placement services to the Company for the next 12 months. VSA Capital will, on a best efforts basis, arrange equity placement monies for the Company from its European institutional clients. VSA Capital will also arrange periodic meetings with those institutions, with a view to maintaining a current flow of information regarding the Company's progress.

In addition to its annual brokerage retainer, VSA Capital will receive finder's fees/commissions upon completion of any equity placements, in accordance with TSXV Policy.

The Company wishes to announce further that it has retained William Pfaffenberger of Victoria, British Columbia ("Pfaffenberger"), as an investor relations/market making consultant to the Company, subject to receipt of regulatory approval. The agreement between the parties (the "Agreement"), provides for the grant to Mr. Pfaffenberger of incentive stock options for the purchase of up to 500,000 shares of the Company, at $0.28 per share. The Options vest as to 200,000 immediately upon execution of the Agreement and 100,000 every 3 months thereafter.

The Company wishes to announce finally that, pursuant to its 2007 Stock Option Plan, it has granted, in the aggregate, 2,400,000 incentive stock options (the "Options"), to certain of its directors, officers, consultants and employees. The Options will be exercisable for a three year period at $0.28 per share.

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)