Solomon’s Unit Private Placement Oversubscribed
Unit 3 – 2860 Smith Drive, Armstrong, British Columbia, V0E 1B1, Canada Telephone 250-546-4772 Telecopier 250-546-6656 Web Site: www.solomonresources.ca NEWS RELEASE
Solomon’s Unit Private Placement Oversubscribed
September 3rd, 2010 Trading Symbol: TSX-V.SRB
Armstrong, B.C. – Friday, September 3rd, 2010. Solomon Resources Limited (SRB: TSX-V) is pleased to advise that its private placement announced on August 26th 2010 has been oversubscribed by 970,044 units for additional proceeds of over $213,400, representing an increase in the placement of over 21%. Subject to TSX Venture Exchange approval, Solomon now proposes to issue on closing a total of 5,515,499 units at CAD$0.22 per unit for proceeds of $1,213,410.
“We would like to welcome several new European investors to the Company.” said President and CEO Randy Rogers. “We are also pleased at the level of demand shown for these units”
The proceeds of this placement will be used to fund the drill program which commenced this week on the Company’s Ten Mile Creek project in the Yukon, pursuit of new grass roots opportunities in the Yukon, and for essential corporate overhead.
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 is actively seeking a joint venture partner for the Baruunbaayan Uranium Project in Mongolia.
For additional information visit Solomon’s website at www.solomonresources.ca or contact:
Solomon Resources Limited
Tel: 1 (866) 831-6666
Christopher Haldane Jeanny So Account Manager Director of Operations
CHF Investor Relations CHF Investor Relations Tel: (416) 868-1079 ext. 237 Tel: (416) 868-1079 ext. 225 Fax: (416) 416-868-6198 Fax: (416) 416-868-6198 Email: [email protected] Email : [email protected]
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accept responsibility for the adequacy or accuracy of this release.
- 30 -