Solomon Agrees to Complete Private Placement

Solomon Resources Limited (the “Company”) announces that, subject to regulatory approval, it has agreed to complete a private placement of up to 6 million units at a price of $0.20 each for proceeds of $1.2 million. Each unit will consist of one common share and one-half of a share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.30 per share for 12 months. If the closing trading price of the Company’s shares for 10 consecutive trading days equals or exceeds $0.45 per share after the four month restricted resale period, the Company can give the warrantholders notice that they must exercise the warrants or they will expire within 30 days of such notice. First Associates Investments Inc. of Calgary, Alberta will act as the Company’s agent in the placement. In consideration of its efforts, First Associates will be paid a cash commission of 8% (up to $96,000) of the funds raised by it and issued a warrant to purchase that number of common shares equal to 15% (up to 900,000) of the number of units subscribed for by its clients. The warrants will be exercisable for a period of 12 months at a price of $0.20 each. The proceeds from the placement will be used to fund drilling of the Company’s Kalgoorlie Southeast project in Australia and for general working capital. On Behalf of the Board of Directors of SOLOMON RESOURCES LIMITED Lawrence J. Nagy President & CEO Contact Information Toll Free Phone: 1-866-831-6666 Phone: 604-669-6656 Fax: 604-684-9877 Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. < Prev