Solomon completes $250,000 Unit Private Placement
Box 938, Vernon, B.C., Canada Phone (778) 475-5551 or (866) 831-6666; Fax (778) 475-5541 Web Site: www.solomonresources.ca
NEWS RELEASE
Solomon completes $250,000 Unit Private Placement
June 8, 2011 Trading Symbol: TSX-V.SRB
Armstrong, B.C. – Wednesday, June 8, 2011. Solomon Resources Limited (SRB: TSX-V) is pleased to announce that it has raised $250,000 through a unit private placement of 1,666,667 units at CAD $0.15 per unit.
Each unit consisted of one common share and one-half of one non-transferable share purchase warrant to purchase a further common share for $0.30 for two years. If the average closing price of Solomon’s shares equals or exceeds $0.50 for 20 consecutive days after October 8th, the expiry date of the warrants may be reduced to 25 trading days from notice thereof. The shares, including shares issued on the exercise of the warrants, are subject to restrictions on transfer until October 8, 2011.
Finders received fees of $12,180 (7% of subscriptions from investors introduced by finders) and 85,400 warrants (7% of the number of units sold to such investors) having the same terms as the warrants in the units.
The proceeds of this placement will be used for the exploration and development of Solomon’s interests in the Yukon Territory, claim staking, and general corporate overheads.
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.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Randy Rogers, President and CEO Solomon Resources Limited
Tel: 1 (866) 831-6666
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accept responsibility for the adequacy or accuracy of this release.
- 30 -