Solomon Gold In Pact To Raise GBP1.7M In 33.1M Share Placing

12th Jul 2010 10:15

LONDON (Dow Jones)--Solomon Gold PLC (SOLG.LN), a gold and mineral exploration company said Monday it has entered agreements for a placing of 33.1 million shares at GBP0.05 per share for gross proceeds of GBP1.7 million to institutional and private investors. MAIN FACTS: -The funds will be used for additional near term drilling and a significant resource upgrade at the Rannes and Mount Perry Projects in Queensland -Funds will also be utilized for mapping and trenching at the Fauro Project in the Solomon Islands, and working capital. -The Directors of Solomon Gold have also participated in the placing. -Shares at 0915 GMT down 0.5 pence, or 8.3%, at 5.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 12, 2010 05:15 ET (09:15 GMT)