| Solomon to Raise up to $500,000 in Private Placement |
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Armstrong, B.C. Wednesday, January 27th, 2010. Solomon Resources Limited (SRB: TSX-V) proposes to raise up to $ 500,000 through a private placement of up to 2 million units at CAD($) 0.25 per unit. Each unit will consist of one common share and one non-transferable share purchase warrant to purchase a further common share for $0.40 for a period of two years. The expiry date of the warrants is subject to acceleration if the average closing price of the common shares is equal to or exceeds $ 0.50 for 20 consecutive days after the expiry of the four month restricted resale period. Finders fees of 7 % in cash will be paid to eligible finders on that portion of funds raised from third parties introduced by the finders The financing is subject to regulatory approval. The proceeds of this placement will be used to fund the exploration and development of Solomons British Columbia and Yukon properties, general corporate overheads and the Companys continuing efforts to locate more advanced exploration and development projects. 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 is currently focused on the exploration of the Cry Lake Gold Project in British Columbia, the Ten Mile Creek Gold Project in the Yukon Territory, the Sleitat Tin Project in Alaska and the Baruunbaayan Uranium Project in Mongolia. For additional information visit Solomons website at www.solomonresources.ca or contact: Randall S. Rogers, President and Chief Executive Officer Phone: 250-546-4772
Tollfree: 1-866-831-6666
Email:
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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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