Solomon to Proceed with New $250,000 Flow-Through and $100,000 Non-Flow-Through Unit Private Placements
Box 938, Vernon, B.C., Canada Phone (778) 475-5551 or (866) 831-6666; Fax (778) 475-5541 Web Site: www.solomonresources.ca
NEWS RELEASE Solomon to Proceed with New $250,000 Flow-Through and $100,000 Non-Flow-Through Unit Private Placements
November 4th, 2011 Trading Symbol: TSX-V.SRB
Vernon, B.C. – Friday, November 4th, 2011: Solomon Resources Limited (SRB: TSX-V) proposes to carry out private placements of up to 2,500,000 flow-through units at $0.10 per unit for proceeds of up to $250,000 and up to 1,333,333 non-flow-through units at $0.075 per unit for proceeds of up to $100,000.
Each flow-through unit will consist of one flow-through common share and one non-transferable share purchase warrant to purchase a further (non-flow-through) common share at $0.15 for one year. Each non-flow-through unit will consist of one common share and one non-transferable share purchase warrant to purchase a further common share at $0.10 for two years.
Finders’ fees of 8% will be paid on funds raised from investors introduced by eligible finders. Solomon will also issue warrants to such finders to purchase that number of (non-flow-through) common shares equal to 8% of the number of units sold to investors introduced by the finders. The finder warrants will be exercisable at $0.10 per share for one year (in respect of the flow-through units) or two years (in respect of the non-flow-through units).
The expiry date of all warrants may be reduced to 25 trading days from notice thereof if the closing price of Solomon’s shares equals or exceeds $0.25 for 20 consecutive trading days after the expiry of the four month restricted resale period.
The proceeds of this placement will be used for the exploration of Solomon’s interests in the Yukon Territory, claim staking, and general corporate overheads.
Due to adverse market conditions, Solomon will not be proceeding with its proposed private placements of up to 1,785,714 flow-through units at $0.14 per unit and up to 769,230 non-flow-through units at $0.13 per unit announced on September 20, 2011.
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.
Solomon’s business model is that of a Project Generator. To build shareholder value, the Company intends to acquire highly prospective mineral tenures in stable jurisdictions with the objective of adding value through grassroots exploration and target refinement and then seeking option or joint venture partners through to production.
The Project Generator model is particularly suited to the Company’s ongoing interest in the Yukon Territory where we have a wealth of intellectual capital and experience.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Randy Rogers, President and CEO Solomon Resources Limited
Tel: 1-866-831-6666
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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