Queries specific to this news release: (250) 863-9552 Solomon to raise $250,000 in Unit Private Placement
Box 938, Vernon, B.C. Canada Phone (778) 475-5551 or (866) 831-6666; Fax (778) 475-5541 Queries specific to this news release: (250) 863-9552 Web Site: www.solomonresources.ca
NEWS RELEASE
Solomon to raise $250,000 in Unit Private Placement
May 2nd, 2011 Trading Symbol: TSX-V.SRB
Armstrong, B.C. – Monday, May 2nd, 2011. Solomon Resources Limited (SRB: TSX-V) proposes to raise $250,000 through a unit private placement of 1,666,667 units at CAD $0.15 per unit.
Each unit will consist of one common share and one half of one non-transferable share purchase warrant to purchase a further common share for $0.30 before the second anniversary of the close of the placement. The expiry date of the warrants is subject to acceleration if the average closing price of the common shares equals or exceeds $0.50 for 20 consecutive days after the expiry of the four month restricted resale period.
Finders’ fees of 7% will be paid on funds raised from investors introduced by finders. Solomon will also issue warrants to eligible finders to purchase that number of shares equal to 7% of the number of units from investors introduced by the finders. The finder warrants will be exercisable for a period of twenty four months at $0.30 per share.
The financing is subject to regulatory approval.
The proceeds of this placement will be used for the exploration and development of Solomon’s interests in the Yukon Territory, claim staking, and general corporate overheads.
About Solomon Resources Ltd.:
Solomon Resources Ltd. is a Canadian public company focused on the acquisition, exploration and development of quality mineral properties worldwide. Solomon is managed by a proven team of exploration geologists involved with the discovery and development of a number of significant mineral deposits including the Snip and Eskay Creek deposits in British Columbia and the Brewery Creek deposit in the Yukon Territory.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Paul Maarschalk, CFO Solomon Resources Limited
Tel: 1 (250) 863-9552 Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accept responsibility for the adequacy or accuracy of this release.
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