Thursday, January 13, 2011 – VICTORIA, BC, CANADA – Sola Resource Corp. (TSXV: SL) (Pink Sheets SORSF) (the “Company” or “Sola”) is pleased to announce that it has signed a financial advisement agreement with Vicarage Capital Limited, (Vicarage), in London, England.
Sola has been in discussions with Vicarage for over a month with respect to establishing a round of equity and debt financing in order to enable completion of the financing requirements for Sola and its various projects and future opportunities.
Over the next 2 weeks Vicarage will be analyzing company data, technical data and completing a site visit to Brazil in order to have a firsthand review of the existing operations and the new opportunities that Sola has secured agreements with. These include Amazon Resources Limited and Rio Madeira Comercio Importacao E Exportacao De Minerios, ("Rio Madeira").
With the anticipated successful outcome of these reviews, Vicarage will be working with Sola in order to complete the next stage which will be the financing of the Company. This will include a comprehensive financing package that will be intended to meet the finance requirements for Sola and its partners. It is anticipated that Vicarage will complete their review towards the end of January 2011.
As Vicarage completes the various stages of work and due diligence over the coming weeks, Sola will continue to work with its partners in order to continually extend its business opportunities. Pricing of the equity financing, as well as the terms and conditions of the debt financing, have yet to be determined. These will be evaluated and considered in concert with the rules and regulations provided by the TSX Venture Exchange, (“TSXV”), Policies. Sola will update continue to provide updates as they become relevant.
Sola Director, Andrew Male stated; “Having personally known of Vicarage for some time now, this is the first opportunity we have had to work with them and their team. As can be seen by their website, www.vicaragecapital.com, the firm has completed many financings for TSXV listed issuers. We are very excited about the prospects of this relationship and professionalism and experience shown to date.
Concurrently with the Vicarage visit to Brazil, I will be attending meetings in Brazil to complete the finalization of the remaining elements of the Definitive Agreements with Rio Madeira. As well, I will also be attending the Parauna diamond processing site held by Amazon that Sola recently acquired a 30% equity stake of in order to complete a comprehensive site and operations review with Amazon staff.
Included in this trip will be visits to the new claims that Sola acquired and successfully completed the transfer of to a newly formed wholly owned subsidiary of Sola, Mia Maio Minerçao Ltda., (“Maio”). Maio acquired a 75% interest in 5 mineral claims near Espigao, Rondonia, from Tecnowledco Ltda. There are 5 mineral claims, 2 diamond claims comprising 12,732 hectares 3 claims of potential high-‐grade manganese, on 11,541 hectares adjacent to the Rio Madeira property. We are excited to determine what these prospective properties may hold in the future for Sola.”
Sola, an exploration stage company with assets in Brazil and Canada, has primarily focused on diamond, manganese and gold resource properties. Recently the Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company’s properties are located on the Company website.
Sola continues to provide shareholders with Investor Updates, please ensure that you have already registered on the company website, if not please visit www.solaresourcecorp.com and input your name and email address on the home page. For further information about Sola Resource Corp., please visit the Company’s website or contact the Company at +1 403 269 2065 or preferably email: firstname.lastname@example.org.
Issued on behalf of the Board of Directors of Sola Resource Corp.
Dr. William (Bill) Pfaffenberger
CEO and Director