Solid Announces Payment of Finders' Fees On the Peru Gold and Copper Property
VANCOUVER, Sept. 24 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") (TSX Venture: SRW; Frankfurt: A0BLQQ) is pleased to announce that, in connection with the option agreement previously announced on June 4, 2010, it has now completed the issuance of the 1,000,000 common shares as payment of the finders fees. The common shares were issued at a deemed price of $0.21 and are subject to a four month hold period expiring on January 11, 2011. Of these shares, 200,000 common shares were issued to a director of the Corporation. Solid has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the shares to the director of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
Pursuant to the option agreement, Solid has the option to purchase a metallic mining license, covering an area of 1,000 hectares, located in Northwest Peru. Under the terms of the option agreement, Solid has the right to purchase the license, during the three year term, by paying the Optionor a total of US$500,000, to be paid in tranches over the course of the period ending on December 2012. The first cash payment of US$4,000 has already been paid to the Optionor. The exercise of the option will be subject to acceptance by the TSX Venture Exchange.
"I am very excited with the addition of this property into Solid's portfolio as it reflects the company's objective of sourcing properties with considerable potential and adding shareholder value through expansive exploration programs", commented CEO, Greg Pendura.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
%SEDAR: 00009435E
For further information:
Mr. Greg Pendura
Tel: (780) 800 0726
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