SOLID GOLD ANNOUNCES COMPLETION OF $265,000 NON-BROKERED FINANCING
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN./
SLD: TSX Venture Exchange
TORONTO, Nov. 18 /CNW/ - Solid Gold Resources Corp. ("Solid Gold") (SLD:TSXV) announced today, that it has completed a non-brokered private placement financing pursuant to which Solid Gold raised gross proceeds of $265,000 through the issuance of 300,000 common share units ("Units") and 633,333 "flow-through" units ("FT Units") at a price of $0.25 per Unit and $0.30 per FT Unit. Each Unit consists of one common share in the capital of Solid Gold (a "Common Share") and one common share purchase warrant, with each such warrant entitling the holder thereof to acquire one Common Share at an exercise price of $0.35 per Common Share until November 18, 2012. Each FT Unit consists of one Common Share, issued on a "flow-through" basis, and one common share purchase warrant, with each such warrant entitling the holder thereof to acquire one Common Share at an exercise price of $0.40 per Common Share until November 18, 2012. All securities issued pursuant to the financing will be subject to a four-month hold period.
Including the issuance of shares detailed in this news release, there are currently 28,642,303 Common Shares issued and outstanding. The net proceeds will be used by Solid Gold for exploration on its property at Lake Abitibi near the Porcupine Fault zone in Northern Ontario and working capital.
In connection with the financing, Solid Gold paid cash commissions equal to 10% ($26,500) of the aggregate gross proceeds of the financing and issued compensation warrants to purchase that number of Units as is equal to 10% (93,333) of the number of Units and FT Units sold pursuant to the financing, at an exercise price of $0.25 per Unit until November 18, 2012. Receiving brokers included Kingsdale Capital Markets Inc.
Business of Solid Gold Resources Corp.
Solid Gold is a junior mining exploration and development company which controls a +/-200-square kilometre prospect hosting potential for discovery of economic mineralization at Lake Abitibi near the Porcupine Fault zone in Northern Ontario.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Solid Gold believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Solid Gold disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither 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 press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Solid Gold. The securities of Solid Gold have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
For further information:
Richard Cohen
Vice-President (Corporate Development)
Solid Gold Resources Corp.
Tel: (905) 882-4422
Email: [email protected]
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