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| Home : Soltoro Closes $4.5M Financing With Coeur d'Alene Mines |
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Jul 19
2011 |
Soltoro Closes $4.5M Financing With Coeur d'Alene Mines |
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TORONTO, ONTARIO--(Marketwire - July 19, 2011) - Soltoro Ltd. (TSX VENTURE:SOL) ("Soltoro" or the "Company") has closed the previously announced non-brokered private placement offering (the "Financing") of 4,500,000 common shares of Soltoro at $1.00 per share for aggregate gross proceeds of $4,500,000 with Coeur d'Alene Mines Corporation (NYSE:CDE)(TSX:CDM) ("Coeur d'Alene"). As part of the Financing, Coeur d'Alene has been granted a first right of refusal to maintain its current proportionate interest in Soltoro by participating in each of the next two financings undertaken by Soltoro. In addition, Coeur d'Alene has agreed to a standstill, whereby it will not purchase any shares of Soltoro that would result in Coeur d'Alene, together with any affiliates, holding over 9.9% of the issued and outstanding shares of Soltoro, except in accordance with a take-over bid for 100% of the issued and outstanding shares of Soltoro. Upon completion of the Financing, Coeur d'Alene held approximately 8.2% of the issued and outstanding shares of Soltoro. |
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| Source:http://www.marketwire.com/mw/release.do?id=1539925&sourceType=3 |
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