Monday, January 17, 2011 – VICTORIA, BC, CANADA – Sola Resource Corp. (TSXV: SL) (Pink Sheets SORSF) (the “Company” or “Sola”) announces that further to the Annual General and Special Shareholders meeting held on December 16th, 2010 whereby the shareholders approved the consolidation of the common shares on the basis of one of the three options presented to be determined subsequently by the Board, the Board of Directors have unanimously decided to choose the consolidation ratio of ten (10) pre-consolidated common shares for one (1) new post-consolidated common share.
In light of the various corporate finance activities currently being undertaken by the Company, the Board believes this consolidation ratio will provide the best share structure possible going forward. Director Andrew Male states:"This decision was considered and backed up by the strength of the business activities taken over the past 18 months by the Company and its Management. We have been driving the Company toward projects that provide not only an exploration opportunity, but also cash flow or near term cash flow while at the same time maintaining the halo of exploration opportunity. We are well on our way to this now and this is the right time to complete the share consolidation, especially in light of the financing opportunities that are before us.”
This share consolidation is subject to TSX Venture Exchange approval and the Company will make a further announcement when such approval is obtained based on the application which has already been submitted.
The Company notes that if the share consolidation results in the issuance of a fractional share, such share will be rounded down to the nearest whole number.
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