VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- Solid Resources Ltd. ("Solid" or the "Company") (TSX VENTURE: SRW)(OTCQX: SLDRF)(FRANKFURT: YRS) announced today it intends to proceed with a non-brokered private placement offering of units ("Units") at a subscription price of Cdn $0.06 per Unit. Each Unit will consist of one (1) common share in the capital of Solid and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share in the capital of Solid at a price of Cdn. $0.15 until the date that is twenty-four (24) months from the initial Closing Date. The amount to be raised under the private placement is up to Cdn. $250,000 for a total of up to 4,166,666 common shares.
The securities issued in connection with the private placement will be subject to a four month hold period. Completion of the offering is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.
The Company intends to use the proceeds from the Offering to fund exploration of the Company's Doade-Presqueiras 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.
Solid Resources Ltd.
President & CEO