Soltoro Ltd.

Soltoro Ltd.

December 08, 2010 17:08 ET

Soltoro Ltd. Announces $3,015,000 Financing

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2010) - Soltoro Ltd. (TSX VENTURE:SOL) ("Soltoro" or the "Company") is pleased to announce a non-brokered private placement of up to 6,700,000 units (the "Units") at a price of $0.45 per Unit for total gross proceeds of up to $3,015,000 (the "Offering"). 

Each Unit will consist of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company for a period of 18 months from the date of closing (the "Expiry Date") at an exercise price of: (i) $0.70 per common share for the first 12 months from the date of closing; and (ii) $0.85 per common share thereafter until the Expiry Date. In the event that after four months and one day after the closing, the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the Company's shares are listed and where a majority of the trading volume occurs), for a period of 20 consecutive trading days exceeds $1.20, the Company may, within five days after such an event, provide notice to the warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 30 days after the date of the notice to the warrant holders.

A 7% finder's fee is payable in cash or units to eligible finders, along with finder's warrants ("Finder's Warrants") equal to 7% of the Units placed by the eligible finder in the Offering. Each Finder's Warrant will be exercisable at $0.45 to acquire one common share for a period of 18 months from the closing.

The proceeds raised from this Offering will be used to fund continued exploration on the Company's assets and for general working capital purposes. Completion of the placement is subject to the approval of the TSX Venture Exchange.

About Soltoro:

Soltoro is a junior exploration company exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company continues to develop its El Rayo silver-gold project to expand the existing NI 43-101 compliant primary silver resource. Soltoro has also recently completed a mapping and sampling program at its Pena Grande project; and is actively advancing its Victoria, Quila, Tortuga, Chinipas and El Santuario projects. Soltoro has 37,109,713 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.

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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