Solid closes $60,000 debt financing

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[{"type":"text","content":"\n\n\n\nEDMONTON, Feb. 12 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company")\nannounces that it has closed a $60,000 debt financing (the "Loan"). Mr. Alvin\nHarter, a related party to the Company, has lent $60,000 to the Company\npursuant to the terms of a non-convertible promissory note (the "Note"). The\nNote provides: (a) for interest at the rate of 10% per annum (with interest\nfor the first 6 month period being prepaid by a deduction against the\nprincipal amount); (b) that it is payable on demand after 90 days written\nnotice; and (c) that no demand may be made by Mr. Harter under the note until\n6 months have lapsed from the date of issue. The Company has granted\ncollateral security in its 10% percent carried interest in Bearing Gold\nResources mining claims in Columbia to secure repayment of the Loan.\n\n\nThe TSX Venture Exchange ("TSXV") has, pursuant to correspondence dated\nFebruary 8, 2008, conditionally accepted the Loan and the grant of security.\nThe TSXV has advised that final acceptance will be issued upon receipt of\nexecuted copies of all transaction documents and the issuance of this news\nrelease. In addition, the Executive Director of the Alberta Securities\nCommission has, pursuant to correspondence also dated February 8, 2008,\ngranted permission for the funding of the Loan directly to Solid.\n\n\nThe proceeds of the Loan will be used for expenses on the Company's\nSacrificio Property located in Mexico and general operating expenses.\n\n\nAlthough the Company explored completing financings with non-related\nparties, the Company was not able to do so in a timely fashion. As such, the\nBoard of Directors formed a special committee (the "Special Committee"),\nconsisting of its independent Directors, to negotiate the terms of the Loan\nwith Mr. Harter. The Special Committee and the Board of Directors unanimously\nconcluded that the Loan and the grant of security were on commercially\nreasonable terms and would improve the financial position of the Company.\n\n\n-------------------------------------------------------------------------\n\n\nCertain statements contained in this press release, including statements\nwhich are related to exploration activity and future prospects and\nprofitability and which may contain words such as "could&quot...

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