Solid Resources Ltd.

Solid Resources Ltd.

August 14, 2013 09:00 ET

Solid Resources Completes Oversubscribed Non Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 14, 2013) - Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE:SRW)(FRANKFURT:YRS) is pleased to announce the completion of its non-brokered private placement previously announced on August 9, 2013 for a total of 7,000,000 units representing gross proceeds of $700,000. The Company had originally applied for a private placement of $500,000, however, due to the overwhelming response, the Company is seeking approval from the Exchange for an additional $200,000.

Each unit consists of one share and one share purchase warrant, with each warrant exercisable to acquire an additional share until August 14, 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 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 30 days following the date of such notice. The securities issued in connection with the Offering will be subject to a four month hold period that expires on December 15, 2013.

The Company may also pay a finder's fee of $33,285 cash.

The closing of the private placement is subject to approval by the TSX Venture Exchange.

The Company intends to use the proceeds from the Offering to fund exploration of the Company's Cehegin Iron Ore concessions in south-eastern Spain and the Alberta-1 Tin, Tantalum and Lithium project in north-western Spain and, 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.

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