Solitaire Minerals Corp. Announces Financing
November 30 2010 - 7:02PM
Marketwired
Solitaire Minerals Corp. (TSX VENTURE: SLT) (Solitaire) reports
that it has arranged a non-brokered private placement with
MineralFields Group of up to 15,000,000 units at a price of $0.07
per unit for total proceeds of up to $750,000 subject to the
approval of the TSX Venture Exchange.
Up to 15,000,000 units will be issued as flow-through units
consisting of one common share and one-half (1/2) of a transferable
share purchase warrant. One full warrant will entitle the holder to
purchase one additional common share of the Company at a price of
$0.10 per share for the first year and $0.125 per share until
expiration on the second year.
First Canadian Securities® will receive a cash finder's fee of
5% (no GST payable) as well as a non-transferable option (the
"Option") to acquire 1,071,428 units of the Company (the "Units"),
equivalent to 10% of the total units sold in the Private Placement.
The Option is exercisable into Units for a period of 24 months
following the Closing at an exercise price of $0.07 per Unit. Each
Unit consists of one common share of the Company and one-half (1/2)
of one non-transferable share purchase warrant of the Company, each
such warrant entitling the holder to purchase one common share of
the Company at an exercise price of $0.10 for the first 12 months
following the Closing and at an exercise price of $0.125 between 12
and 24 months following the Closing.
"We are very pleased to be renewing our relationship with
MineralFields Group," said Charles Desjardins, President of
Solitaire. "This is an important milestone in the growth of
Solitaire and we look forward to working with MineralFields Group
as we develop our exploration targets."
All securities issued pursuant to this private placement will
have a hold period expiring four months after the date of
issuance.
Non Flow-Through Private Placement
Solitaire would also like to announce that it has arranged a
non-brokered private placement to raise up to $500,000 by issuing
both non flow-through units and flow-through units subject to the
approval of the TSX Venture Exchange.
Up to 3,571,428 flow-through units will be sold at a price of
$0.07 and will be issued as units consisting of one common share
and one half (1/2) transferable share purchase warrant. One
transferable share purchase warrant will entitle the holder to
purchase one additional common share of the Company at a price of
$0.10 per share for the first year and $0.125 per share until
expiration on the second year.
Up to 5,000,000 non flow-through units will be sold at a price
of $0.05 and will be issued as units consisting of one common share
and one transferable share purchase warrant. One transferable share
purchase warrant will entitle the holder to purchase one additional
common share of the Company at a price of $0.10 per share for the
first year and $0.125 per share until expiration on the second
year.
The proceeds of the private placement will be used for
exploration work on the Company's mineral properties and general
working capital.
"About MineralFields, Pathway and First Canadian Securities
®"
MineralFields Group (a division of Pathway Asset Management),
based in Toronto, Montreal, Vancouver and Calgary, is a mining fund
with significant assets under administration that offers its
tax-advantaged super flow-through limited partnerships to investors
throughout Canada as well as hard-dollar resource limited
partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution
of structured products and mutual funds (including the Pathway
Multi Series Funds Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities ® (a division of
Limited Market Dealer Inc.) is active in leading resource
financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers
investment banking, mergers and acquisitions, and mining industry
consulting, services to resource companies. MineralFields and
Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities
®.
About Solitaire Minerals Corp.
Solitaire Minerals Corp. (TSX VENTURE: SLT) is a diversified
Junior Canadian Mineral Exploration Company with a specific focus
on precious and base metal properties in North America. In
addition, the Company intends to acquire Metallurgical coal
leases.
For additional information please contact Solitaire Minerals
Corp. or visit www.solitaireminerals.com.
On Behalf of the Board of Directors
SOLITAIRE MINERALS CORP.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. By their nature, forward
looking statements involve risk and uncertainties because they
relate to events and depend on factors that will or may occur in
the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing,
currency exchange rates, and, but not limited to, general economic
factors. Cautionary Note to US investors: The U.S. Securities and
Exchange Commission specifically prohibits the use of certain
terms, such as "reserves" unless such figures are based upon actual
production or formation tests and can be shown to be economically
and legally producible under existing economic and operating
conditions.
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.
Contacts: Solitaire Minerals Corp. Charles Desjardins President
and Director 604-683-5445 604-687-9631 (FAX)
info@solitaireminerals.com www.solitaireminerals.com
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