Solid Resources Ltd.
TSX VENTURE : SRW
OTCQX : SLDRF
FRANKFURT : YRS

Solid Resources Ltd.

March 22, 2013 16:03 ET

Solid Resources Completes First Tranche Of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2013) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(OTCQX:SLDRF)(FRANKFURT:YRS) (FRANKFURT:YRS) has closed the first tranche of its previously announced non-brokered private placement consisting of up to 6,250,000 units ("Units") at a price of $0.08 per unit for gross proceeds of up to $500,000. Each unit is comprised of one common share of the Issuer (a "Share") and one share purchase warrant (a "Warrant"). The closing of the first tranche of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange

The Company has sold 3,837,500 units for total gross proceeds of $307,000 pursuant to the first tranche.

The securities issued pursuant to the first tranche are subject to a four month hold period from the date of closing and the warrants are exercisable to acquire an additional common share at a price of $0.15 until March 22, 2015.

The warrants are subject to an accelerated expiry stating that if at any time, after the standard 4 month hold period, the closing price of the Company's common shares on the TSX Venture Exchange exceeds $0.25 for any 20 consecutive trading days, the warrant holder will be given notice that the warrants will expire 30 days following the date of such notice.

The Company will pay finder's fees of $13,930 cash.

The Company intends to use the proceeds from the Offering to fund exploration of the Company's Albert-1 Tin, Tantalum and Lithium project in north-western Spain and the Cehegin iron ore concessions in south-eastern Spain, plus general working capital.

Solid Resources is a Canadian junior mining company focused in Spain on the exploration and development of rare and precious metals and industrial commodities worldwide. The Company is currently in the late stage of quantifying the presence of tantalum, tin, lithium and other rare minerals on its Alberta-1 property in north-western Spain and re-opening 62 iron ore concessions in south-eastern Spain.

Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.

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.

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