Solitaire Minerals Corp. Closes Private Placements
December 24 2010 - 3:05PM
Marketwired
Solitaire Minerals Corp. (TSX VENTURE: SLT) (Solitaire) would like
to announce that it has closed the Non-Brokered Private Placements
announced on November 30th, 2010 and December 20, 2010 in which
$1,323,039.95 was raised.
A total of 11,786,285 units were issued as flow-through units at
a price of 7 cents, consisting of one common share and one-half of
one share purchase warrant. One warrant will entitle the holder to
purchase one additional common share of Solitaire at a price of 10
cents per share in the first year and at a price of 12.5 cents per
share in the second year. Of the 11,786,285 flow-through units
issued, 10,714,285 were issued to MineralFields flow-through
limited partnerships. "We are very pleased to be entering into this
relationship with MineralFields Group," said Charles Desjardins,
President and CEO. "This is an important milestone in the growth of
Solitaire Minerals Corp. and we look forward to working with
MineralFields Group as we develop our exploration targets."
A total of 9,960,000 units were issued as non-flow-through units
at a price of 5 cents, consisting of one common share and one
non-transferable share purchase warrant. One warrant will entitle
the holder to purchase one additional common share of Solitaire at
a price of 10 cents per share in the first year and at a price of
12.5 cents per share in the second year.
A total of 15,853,143 warrants were issued. One warrant will
entitle the holder to purchase one additional common share of
Solitaire at a price of 10 cents per share in the first year and at
a price of 12.5 cents per share in the second year.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period of four months expiring April
23, 2011. The proceeds of the private placement will be used for
exploration of the company's mineral properties and general working
capital.
The following pros participated in the private placement;
Pro group: Jacqueline Chow 800,000 non-flow-through shares;
Mineral Fields LPs 10,714,285 flow-through shares.
Finder's fees: Haywood Securities Inc. receives $23,000 and
460,000 non-transferable share purchase warrants, where each
warrant is exercisable at a price of 10 cents per share in the
first year and at a price of 12.5 cents per share in the second
year.
Northern Securities Inc. receives $2,350 and 45,000
non-transferable share purchase warrants, where each warrant is
exercisable at a price of 10 cents per share in the first year and
at a price of 12.5 cents per share in the second year.
Finder's Options: Limited Market Dealer Inc. receives 1,071,428
finder's options. Each finder's option is exercisable into a
finder's unit at 7 cents. Each finder's unit will be comprised of
one common share (Finder's Share) and one-half of one
non-transferable share purchase warrant (each whole security being
a "Finder's Warrant") entitling the holder to purchase one
additional common share of Solitaire (a "Finder's Warrant Share")
for a period of two years from the closing date of the private
placement at an exercise price of 10 cents per Finder's Warrant
Share if exercised during the first year and at an exercise price
of 12.5 cents per Finder's Warrant Share if exercised during the
second year of the term of the Finder's Warrant.
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 Fund 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 U.S. 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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