Solid Resources enters into cooperation agreement with Glencore
VANCOUVER, – Solid Resources Ltd. ("Solid" or the "Company") (TSX-V: SRW) (Frankfurt: YRS) is pleased to announce the signing of a definitive and exclusive cooperation agreement ("The Agreement") with a subject present wholly owned subsidiary of Glencore Xstrata plc (âGlencoreâ) known, for the joint study of the project Cehegin. The agreement also represents a possible joint venture between the two companies, in order to advance the development of the earlier Cehegin producing iron ore mine in the province of Murcia in southeastern Spain.
Under the terms of the Joint Venture Agreement ("The JVA") Glencore gets a share of 20% Cehegin the project and retains the remaining solid 80% Share. The joint venture is pursuing the exploration and development phases, studies with the aim, to build a new iron ore mine.
Greg Pendura, CEO von Solid Resources sagte: “A strategic partnership with Glencore is a huge step forward, to bring the project into production Cehegin. By Glencore solid gains access to world class expertise in mining, global marketing and logistics. The strength of Glencore, in combination with the available historical drilling- and production data of Cehegin iron ore mine, will be of great benefit for advancing the project.”
Important terms of the JVA are potential:
â˘ Glencore holds a 20% and the remaining solid 80% Share.
â˘ Glencore buys exclusively the entire production.
â˘ Abkommen, required to jointly financing with third parties if, to organize.
â˘ dilution by non-funding partner by fair market value.
In addition, after execution of the Agreement, Solid goes to Glencore twelve millions (12.000.000 Item) Stock purchase rights (Warrants) for the purchase of such ordinary shares in the capital of Solid. The exercise price is 0,19 CAD during the period from the Issue Date and the 18. October 2014 and 0,26 CAD not dem 19. October 2014 to maturity on 18. October 2015. The Warrants will be allocated and are exercisable at 50 % the date of signature of the agreement and 50% if Glencore has made its share of costs for the start of the development phase of exploration and study programs. The warrants and each common share were issued upon exercise, subject to a hold period until 18. Februar2014.
Ăber Solid Resources
Solid Resources is a Canadian junior mining company focused on Spain. The focus is the exploration and development of rare and industrial raw materials. The company is currently in the late stages of the reopening of the Cehegin iron ore mine in southeastern Spain. It also applies for a mining license on the Alberta-1 tantalum / tin and lithium deposits in North-Western Spain.
About Glencore Xstrata plc
Glencore is one of the largest global diversified resources company. As the market leader and integrated commodity producer and marketer with a balanced portfolio of various industrial raw materials, one is in a strong position, to control the entire process chain and create value. This ranges from finding sources of raw materials deep in the ground, to the production of products for international customers. The Industry- and marketing activities of the group by a global network of over 90 Offices in over 50 Support countries. Their broad distribution companies comprise about 150 Mining- and iron and steel industry, Offshore Ălproduktion, Agriculture and agricultural processing. The company employs approximately. 190.000 People including subcontractors.
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For further information please contact:
Solid Resources Ltd
President & CEO
Solid Resources Ltd.
Ph: +1 (780) 800-0726
Swiss Resource Capital AG
Such: +41 71 354 8501
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