| Solomon Closes First Tranche of Unit and 'Flow-Through' Unit Private Placement |
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Armstrong, B.C. - Monday, April 26th, 2010. Solomon Resources Limited (SRB: TSX-V) has closed the first tranche of its private placement by issuing 479,000 units at CAD($) 0.25 per unit for proceeds of $119,750 and 2,135,711 'flow-through' units at CAD($) 0.28 per unit for proceeds of $598,000. The MineralFields Group of Toronto, Ontario purchased $500,000 of the 'flow-through' units. "We are very pleased to be renewing our relationship with the MineralFields Group", said President and CEO Randy Rogers. "They have proven to be a reliable source of equity capital in the recent evolution of the Company. These financings are an important milestone in Solomon's growth and we look forward to working with the MineralFields Group and the other investors as we develop our British Columbia and Yukon Territory gold projects." Each unit consisted of one common share and one transferable share purchase warrant to purchase a further (non-flow through) 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 equals or exceeds $ 0.50 for 20 consecutive days after the four month restricted resale period. Finders' fees of 8% were paid on funds raised from investors introduced by finders. The finders were also issued non-transferable warrants to purchase that number of (non-flow through) units equal to 8% of the number of units from investors introduced by them. The finder warrants are exercisable for two years at $0.28 per unit ($0.25 per unit for the non-flow through units) in the first year and $0.30 per unit in the second. All shares issued and issuable on exercise of warrants will be subject to resale restrictions until August 15, 2010 for the ordinary units and August 24, 2010 for the 'flow-through' units. The proceeds of this placement will be used to fund the exploration and development of Solomon's British Columbia and Yukon properties, general corporate overheads and the Company's 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 Ten Mile Creek Gold Project in the White Gold area of the Yukon Territory and the Cry Lake Gold Project in British Columbia and actively seeking a joint venture partner for the Baruunbaayan Uranium Project in Mongolia. About MineralFields, Pathway and First Canadian Securities®: MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®. For additional information visit Solomon's 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: This e-mail address is being protected from spambots. You need JavaScript enabled to view it 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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