Box 938, Vernon, B.C., Canada
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 Completes Balance of $732,200 Unit Private Placement
October 31st, 2012 Trading Symbol: TSX-V.SRB
Vernon, B.C. - Wednesday, October 31st, 2012. Solomon Resources Limited (SRB: TSX-V) is pleased to report it has closed the second tranche of its private placement for proceeds of $404,000 by the issuance of 8,080,000 units at $0.05 per unit. An aggregate of $732,200 was raised in the placement and will be principally used for exploration of the Rurembo Property in Rwanda on which Solomon holds an option to acquire a 100% interest.
Each unit consisted of one common share and one non-transferable share purchase warrant to purchase a further common share at $0.10 for two years. 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 on March 1, 2013.
Certain finders were, in respect of subscriptions attributable to investors introduced by them, paid fees of $25,480 and issued warrants to purchase 509,600 shares of Solomon on the same terms as the warrants contained in the units.
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.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Randall S. Rogers M.Sc., P.Geo.
President and Chief Executive Officer Phone (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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