Solid retains Kevin Moore to provide consulting services and closes private placement

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[{"type":"text","content":"\n\n\n\nTSXV: SRW\n\n\nFRANKFURT: A0BLQQ\n\n\nEDMONTON, July 28 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company")\nannounced today that it has obtained approval from the TSX Venture Exchange to\nenter into a Consulting Agreement with Mr. Kevin Moore, a Director and the\nChairman of the Board of the Company.\n\n\nPursuant to the terms of the Consulting Agreement, in exchange for Mr.\nMoore devoting a minimum of 20 full days per month to the business and affairs\nof the Company, Mr. Moore is to receive annual consider of $60,000 which is to\nbe satisfied by the issuance of 300,000 common shares of the Company with a\ndeemed issuance price of $0.20 per common shares. Such common shares are\nsubject to certain escrow provision and vest in equal monthly increments.\n\n\nEntering into the Consulting Agreement constitutes a related party\ntransaction within the meaning of applicable securities laws, as Mr. Moore is\na director of Solid. An independent committee of the Board was struck to\nnegotiate the terms of the Consulting Agreement. The independent committee and\nthe Board of Directors unanimously concluded that the Consulting Agreement and\nthe compensation of Mr. Moore thereunder by the issuance of common shares were\non commercially reasonable terms and would improve the financial position of\nthe Company.\n\n\nThe Company also announces that it has received regulatory approval to\nclose a $109,500.00 private placement. The private placement consists of seven\nhundred and thirty thousand units consisting of 730,000 common shares at a\nprice of $.15 per share and one warrant to acquire an additional common share\nat a price of $.20 per share for a period of one year from the date of issue.\nIn connection with this private placement, Solid has paid a 6% commission on a\nportion of the funds raised. The common shares of Solid acquired pursuant to\nthis private placement are subject to a four month hold period which will\nexpire on November 30, 2008.\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", "should", "expect",\n"believe", "...

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