Damara Announces Proposed Share Consolidation and Name Change
August 6, 2014
SOLOMON RESOURCES LTD. (TSX-V:SRB) ("Solomon" of the "Company"), is pleased to announce the following corporate developments:
Solomon proposes to consolidate its share capital on the basis of one (1) new common share of the Company, for every ten (10) existing common shares (the "Consolidation"). The Consolidation is subject to the approval of the TSX Venture Exchange and Solomon's shareholders, said approval to be sought at the upcoming Special Meeting (the "Meeting") to be held on Monday, September 22, 2014.
In addition and in conjunction with the Consolidation, the Company proposes to change its name (the "Name Change") to "Damara Gold Corp." or such other name that may be approved by the Company's board of directors and applicable regulatory authorities.
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 is necessary to provide a share structure that will better attract capital financing and enhance future growth opportunities. The new name allows for a re-branding of the Company and reflects its new focus on exploration in Namibia.
The Company further advises it has made changes to its executive management team where in Larry Nagy, current Executive Chairman of the Board has been appointed Chief Executive Officer and David Stone has been appointed as Chief Operating Officer and will continue as the Company's President. These changes are designed to strengthen and streamline the executive management structure for the Company's future operations.
About Solomon Resources
Solomon Resources Limited is a Canadian public company focused on the acquisition, exploration and development of quality copper-gold and tin properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF SOLOMON
Larry Nagy, Chief Executive Officer
For additional information visit Solomon's website at www.solomonresources.ca or contact:
Solomon Resources Limited
Chief Executive 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.