Solid Resources Closes Private Placement

 Solid Resources Ltd. (TSXV:SRW) completed its non-brokered private placement consisting of 10,541,667 units, for gross proceeds of $1,265,000.

As quoted in the press release:

The Company had originally announced that it had intended to raise up to $1,200,000, however, due to strong investor support, it is seeking approval from the Exchange for an additional $65,000.

Each unit consists of one share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one (1) common share in the share capital of the Corporation (a “Warrant Share”) at an exercise price of $0.20 per Common Share during the first year following the date of closing and at $0.26 per Common Share during the subsequent year up to a period of two years following the date of closing. The warrants are subject to an accelerated expiry stating that if at any time after the standard four month hold period the closing price of the Company’s common shares on the TSX Venture Exchange exceeds $0.40 for any 10 consecutive trading days, the warrant holder will be given notice that the warrants will expire 30 days following the date of such notice. The securities issued in connection with the Offering will be subject to a four month hold period that expires on May 8, 2014

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