Soltoro Ltd.

Soltoro Ltd.

December 21, 2010 17:00 ET

Soltoro Ltd. Completes $3,115,000 Financing

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2010) -


Soltoro Ltd. ("Soltoro" or the "Company") (TSX VENTURE:SOL) is pleased to announce it has closed a non-brokered private placement of 6,922,223 units (the "Units") at a price of $0.45 per Unit for total gross proceeds of $3,115,000 (the "Offering"). Three directors of the Company participated in the Offering, subscribing for an aggregate of 154,167 Units.

Each Unit consists 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 June 21, 2012 (the "Expiry Date") at an exercise price of: (i) $0.70 per common share until December 21, 2011; 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.

In connection with the financing, the Company has paid to paid eligible persons (the "Finders") a cash finder's fee of $175,709 and has issued 390,464 finder's warrants ("Finder's Warrants") equal to 7% of the Units placed by the Finder in the Offering. Each Finder's Warrant is exercisable to acquire one common share at a price of $0.45 per common share until June 21, 2012.

Net proceeds of this private placement will be used to further the Company's exploration projects, fund possible new acquisitions and for general working capital. All securities issued pursuant to the private placement are subject to a four month and one day hold period.

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 44,674,948 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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