Salmon River Increases Previously Announced Private Placement
November 10 2011 - 8:09AM
Marketwired
Salmon River Resources Ltd. ("Salmon River" or the "Company") (TSX
VENTURE:SAL) is pleased to announce that the part and parcel
private placement announced on November 4, 2011 has been increased
from up to $1,500,000 to up to $2,100,000 (the "Private
Placement"). The Company may issue up to 7,000,000 common shares at
$0.30 per common share. The net proceeds of the Private Placement
will be used primarily for legal and other expenses expected to be
incurred in connection with the Investment Framework Agreement and
the Treppo Grande Option described in the press release of the
Company dated November 4, 2011. In connection with the Private
Placement, Salmon River may pay finders' fees to certain finders,
including cash commissions in an amount equal to 8% of the proceeds
from the sale of the common shares to subscribers and options to
acquire that number of common shares equal to 8% of the number of
common shares sold to subscribers. Such options will be exercisable
for 18 months following their date of issue.
The common shares issued in the Private Placement will be
subject to a four-month hold period in accordance with the policies
of the TSX Venture Exchange and applicable securities
legislation.
The Private Placement remains subject to the approval of the TSX
Venture Exchange.
The Private Placement was announced concurrently with the
announcement of a non-binding Memorandum of Understanding (the
"MOU") with General Steel Holdings Inc. Readers should refer to the
full text of the press release of the Company dated November 4,
2011 for more information on the MOU.
About Salmon River Resources Limited (TSX VENTURE:SAL)
Salmon River Resources Limited is a mineral exploration company
engaged in the exploration for and development of commercial
deposits of iron ore in Western Australia. It holds an exclusive
option to acquire the Mt. Manning project located in the Yilgarn
region of Western Australia, approximately 210 kilometres northwest
of Kalgoorlie. Salmon River believes the project has the potential
to be a world-class iron ore deposit with early development
potential. The shares of Salmon River are listed on the TSX Venture
Exchange under the symbol "SAL". For further information see our
website at www.salmonriverresources.com.
On behalf of the Board of Directors of SALMON RIVER RESOURCES
LTD.
J.G. Stewart, President
Forward-Looking Statements: This press release and the press
release dated November 4, 2011 and referred to herein contains
forward-looking statements that are based on the beliefs of
management and reflect Salmon River's current expectations. This
press release and the press release dated November 4, 2011 relate
to the execution of the non-binding MOU and the Private Placement
only, and are not intended to create legally binding relationships.
The forward-looking statements in this press release and the press
release dated November 4, 2011 also include information relating to
the intended commitments by GS Group, the Company's intention to
fund certain development expenses and to fund development of the
Treppo Grande Project, and to the Private Placement. The
forward-looking statements are based on certain assumptions, which
could change materially in the future, including the assumption
that the non-binding MOU will lead to definitive agreements, that
the transactions contemplated in the MOU will be completed, that
the Company will exercise its rights under the Treppo Grande Option
and that the Company will close the Private Placement. By their
nature, forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking information. Such factors include
the risk that the MOU may be terminated, that the transactions
contemplated in the MOU may not result in a binding agreement, that
any agreement may have terms and conditions different from those
contemplated in the MOU, that any agreement may not be completed,
that GS Group may not invest a portion, or any, of the amount
contemplated, that the Company may not exercise its rights under
the Treppo Grande Option, and that the Private Placement may not
close. There can be no assurance that forward-looking information
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, investors should not place undue reliance on
forward-looking information. Forward-looking information is
provided as of the date of this press release, and the Company
assumes no obligation to update or revise them to reflect new
events or circumstances, except as required in accordance with
applicable laws.
Neither 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.
Contacts: Salmon River Resources Ltd. Jim Stewart President +1
(604) 633.4290 (Vancouver)jstewart@salmonriverresources.com Salmon
River Resources Ltd. Garry Stein Director +852 9858.0029 (Hong
Kong)gstein@salmonriverresources.comwww.salmonriverresources.com
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