SOLOMON RESOURCES LTD. (TSX-V:SRB) (“Solomon” or the “Company”), announces it has received TSX Venture Exchange (“Exchange”) approval for its previously announced Consolidation and Name Change (see News Release dated September 23, 2014). As a result, the common shares of Solomon have been consolidated on a ten to one (10:1) basis, such that the previously existing 56,884,992 Common Shares have been consolidated and there are now approximately 5,688,499 post-Consolidation Common Shares issued and outstanding.
Additionally the Company’s has changed its name to “Damara Gold Corp.” and will begin trading under its new name on the opening of the Exchange on Wednesday, October 1, 2014. The Common Shares will trade under the symbol “DMR” as a Tier 2 issuer.
Both management and the board of directors believe the Consolidation and Name Change is in the best interests of the Company and its shareholders and will now provide a share structure that will better attract capital financing and enhance future growth opportunities whilst the Company’s new name provides for a re-branding of the Company and reflects our new focus on exploration in Namibia.
Letters of transmittal are being mailed to shareholders of the Company to be utilized to exchange their Common Shares for new Common shares on a post-Name Change and post-Consolidation basis.
About Solomon Resources
Solomon Resources Limited is a TSX Venture listed Canadian public company with a board of directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on the acquisition, exploration and development of quality copper-gold prospects worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF SOLOMON
Larry Nagy, Chief Executive Officer
For additional information visit the Solomon website at www.solomonresources.ca or contact:
Solomon Resources Limited
Larry Nagy Terese Gieselman
Chief Executive Officer Chief Financial Officer or
David M R Stone
Chief Operating Officer
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.
Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.