Solomon Completes $1.2 Million Financing

Solomon Resources Limited (the “Company”) announces that it has completed a private placement of 6 million units at a price of $0.20 each for proceeds of $1.2 million. Each unit consisted 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 acted as the Company’s agent for that portion of the placement completed outside of the United States of America. In consideration of its efforts, First Associates was paid a cash commission of $96,000 and issued a warrant to purchase up to 900,000 common shares 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. The shares and any shares issued on the exercise of the warrants are subject to restrictions on resale for a period of four months. 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   Next >