Salazar Announces Closing of Financing
1305-1090 W Georgia, Vancouver, BC, V6E-3V7 Phone: 604.685.9316 Fax: 604.683.1585
Salazar Announces Closing of Financing
VANCOUVER, BRITISH COLUMBIA January 11, 2010 - Salazar Resources Ltd. (TSX VENTURE: SRL.V) is pleased to announce the closing of its non-brokered private placement announced on November 23, 2009 by issuing 2,500,000 units at a price of $0.80 per unit for gross proceeds of $2,000,000. Each unit comprised one common share and a share purchase warrant. Each warrant entitles the holder to purchase one common share for a period of two years from closing, at a price of $1.00 per share in year one and at a price of $1.25 per share in year two. The Company paid $78,141 cash, 70,936 shares and 168,612 broker warrants as finders fees to certain finders on a portion of the private placement. Each broker warrant entitles the agent to purchase one common share for two years at a price of $1.00 per share in year one and $1.25 per share in year two. The securities issued are subject to a 4 month hold period expiring in April and May 2010.
The proceeds of this financing will be used for implementing an expanded work program on the Company’s flagship Curipamba Project and for general working capital.
The Company also wishes to announce the granting of stock options to purchase 125,000 shares at a price of $1.12 per share for a term of three years to Company directors.
For more information please visit our website at: www.salazarresources.com
ON BEHALF OF THE BOARD OF SALAZAR RESOURCES LIMITED
“Fredy Salazar”
Fredy Salazar, President & CEO
Salazar Resources Limited
Salazar Resources Ltd. is a publicly-listed (TSX-V:SRL) mineral resource company engaged in the exploration and development of new highly prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being an Ecuadorian based company gives the company a strategic advantage enabling the company to complete exploration at a rapid pace. With an excellent property portfolio (3 projects - 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.
For further information, Fredy Salazar, President & CEO, Salazar Resources Limited please contact: T. 593.22278975 or E: [email protected] Nick DeMare, Director & Secretary, Salazar Resources Limited T. 604.685.9316 or E: [email protected] Jeff Tindale, Investor Relations, Empire Communications Inc. T: 604.484.0066 or E : [email protected]
“Neither 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."