March 17, 2011 – Soltoro Ltd. (SOL-TSX:V) (“Soltoro” or the “Company”) has elected to accelerate the expiry date of the share purchase warrants issued on February 12, 2010 (the “Warrants”) as part of a private placement unit offering. Each Warrant entitles the holder to purchase one common share of Soltoro at a price of $0.50 per common share. The Warrants were originally set to expire on August 12, 2011 and will now expire on April 19, 2011.
Pursuant to the terms of the Warrants, the Company has the right to accelerate the expiry date of the Warrants any time after June 13, 2010, if the volume weighted average trading price of the Companys common shares on the TSX Venture Exchange, exceeds $0.65 for a period of 20 consecutive trading days. The volume weighted average trading price of the Companys common shares on the TSX Venture Exchange has exceeded $0.65 for a period of 20 consecutive trading days and as such the Company is electing to accelerate the expiry date of the Warrants.
There are currently 3,590,915 Warrants outstanding. If all of the Warrants are exercised, the Company would receive gross proceeds of approximately $1,795,458.
To exercise their Warrants, Warrant holders must submit the Subscription Form (Appendix A attached to the Warrant Certificate) along with payment of the exercise price ($0.50 per warrant exercised) no later than 5:00 pm (Toronto time) on April 19, 2011 to the Company at 20 Adelaide Street East, Suite 400, Toronto, Ontario M5C 2T6.
The Company announced today the appointment of Brian Jennings to the position of Chief Financial Officer and Secretary of the Company effective immediately. Mr. Jennings is a chartered financial accountant and geologist specialized in corporate finance and restructuring. The Company has awarded 200,000 stock options to Mr. Jennings and 350,000 stock options to a financial consultant to the Company. The stock options are exercisable at $0.59 per share for a period of three years and are subject to vesting and regulatory approval. Mr. Jennings replaces Douglas Reeson as CFO. Mr. Reeson will continue to act as a director of Soltoro Ltd.
About Soltoro
Soltoro is engaged in exploration for bulk tonnage gold and silver deposits in Mexico. The Company continues to expand the existing NI 43-101 compliant primary silver resource on its El Rayo project. Soltoro has optioned a portion of its Quila claim to Timmins Gold Corp., optioned its Victoria and Coyote claims to Argentum Silver Corp. and is actively advancing its La Tortuga, Chinipas, El Santuario and Peña Grande projects. Soltoro has 45,870,408 shares outstanding and trades on the TSX Venture Exchange under the symbol SOL.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.soltoro.com.
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
