Solid retains Kevin Moore to provide consulting services and closes private placement
Solid Resources Ltd. announced that it has obtained approval from the TSX Venture Exchange to enter into a Consulting Agreement with Mr. Kevin Moore, a Director and the Chairman of the Board of the Company.
Pursuant to the terms of the Consulting Agreement, in exchange for Mr. Moore devoting a minimum of 20 full days per month to the business and affairs of the Company, Mr. Moore is to receive annual consider of $60,000 which is to be satisfied by the issuance of 300,000 common shares of the Company with a deemed issuance price of $0.20 per common shares. Such common shares are subject to certain escrow provision and vest in equal monthly increments.
Entering into the Consulting Agreement constitutes a related party transaction within the meaning of applicable securities laws, as Mr. Moore is a director of Solid. An independent committee of the Board was struck to negotiate the terms of the Consulting Agreement. The independent committee and the Board of Directors unanimously concluded that the Consulting Agreement and the compensation of Mr. Moore thereunder by the issuance of common shares were on commercially reasonable terms and would improve the financial position of the Company.
The Company also announces that it has received regulatory approval to close a $109,500.00 private placement. The private placement consists of seven hundred and thirty thousand units consisting of 730,000 common shares at a price of $.15 per share and one warrant to acquire an additional common share at a price of $.20 per share for a period of one year from the date of issue. In connection with this private placement, Solid has paid a 6% commission on a portion of the funds raised. The common shares of Solid acquired pursuant to this private placement are subject to a four month hold period which will expire on November 30, 2008.
For further information
Trent Sullivan, President, (780) 416-7525, (780) 983-9154 (cell)
Garnet Harter, Director, (780) 416-7525, gharter@solidresources.com
Source: Solid Resources Ltd.
