Solara Exploration Ltd.

Solara Exploration Ltd.

March 31, 2011 09:00 ET

Solara Exploration Announces Warrants Fully Exercised

CALGARY, ALBERTA--(Marketwire - March 31, 2011) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A) announces that 4,080,000 Class A Share Purchase Warrants (the "Warrants") have been exercised on the basis of two (2) whole warrants plus $0.30 to acquire one (1) Flow-Through Class A Share of the Company, for a total of 2,040,000 Flow-Through Class A Shares and aggregate proceeds of $612,000. The Warrants were issued pursuant to a private placement closed in August, 2010. Solara will use the proceeds from the fully exercised Warrants for its ongoing capital expenditure programs in Alberta.

The Company also reports that since January 1, 2011, it repurchased and cancelled 972,000 Class A Shares acquired pursuant to the Company's normal course issuer bid, undertaken in accordance with applicable regulations.

About Solara Exploration

Solara Exploration is a publicly traded junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas in Western Canada.

75,402,702 Class A Shares

READER ADVISORY Neither the 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

  • Solara Exploration Ltd.
    Donald R. Holding
    President and Chief Executive Officer
    (403) 537-0458
    (403) 537-0462 (FAX)
    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8