EDMONTON, June 21 /CNW/ - The TSX Venture Exchange has advised Solid Resources Ltd. ("Solid" or the "Company") that it has commenced a review of Mr. Alvin Harter's suitability to be associated with the Company and that pending clarification of that association, the Company's stock will remain halted. Since Mr. Harter's resignation as President, Chief Executive Officer and Director in February of this year, he has had no material responsibilities in respect of Solid but has been the Company's Senior Mining Consultant and has provided mining advice to the Company in respect of its mining properties pursuant to the terms of an oral consulting agreement. Mr. Harter's remuneration under this oral consulting agreement was $12,000 per month, the same as what Mr. Harter received while an officer of the Company. In response to the suitability review, the Company has voluntarily put Mr. Harter's consulting agreement in abeyance on an interim basis; during such period, Mr. Harter will not provide services to the Company and he will not be paid any compensation. The Company is committed to assisting the TSX Venture Exchange in its suitability review with a view to having trading re-instated as soon as possible.
The Company currently has two signatories authorized with its Bank. Prior to the execution of the Settlement Agreement described below, the Company commenced formal procedures with its Bank to remove Mr. Harter's signing authority. This process is now complete.
Concurrent with the Company, Mr. Harter entered into a settlement agreement and undertaking (the "Settlement Agreement") with the Alberta Securities Commission (the "ASC") regarding the ASC's Docket E01027 hearing scheduled for June 14, 2007. Pursuant to the terms of the Settlement Agreement, Mr. Harter undertook to:
(a) pay to the ASC $45,000 in settlement fees and costs;
(b) refrain from trading in or purchasing securities for a period of
5 years, except for trades in or purchases of securities where Mr.
Harter is the principal, and which are effected through his account
held with a registered dealer to whom he has first provided a copy of
the Settlement Agreement;
(c) refrain from using any exemptions in the Alberta securities laws for
a period of 5 years, except in respect of trades which constitute a
control distribution (as defined in the Alberta securities laws) and
that are effected through his account held with a registered dealer
to whom he has first provided a copy of the Settlement Agreement; and
(d) resign all positions he holds as a director and officer of any issuer
and refrain from becoming or acting as a director or officer, or as
both a director and officer, of any issuer for a period of 5 years,
except for issuers that are wholly owned (directly or indirectly) by
Mr. Harter or by Mr. Harter with another member (or members) of his
immediate family.
Pursuant to the terms of the Settlement Agreement, Solid paid the ASC $15,000 and an additional $5,000 towards investigation costs in satisfaction of all matters covered by the hearing.
Certain statements contained in this press release, including statements which are related to exploration activity and future prospects and profitability and which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances and/or achievements of Solid to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market conditions and prices of tantalum, lithium, tin, silver and other metals and related products and services; competition; political and economic conditions in countries in which Solid does business; changes in laws and regulations, including environmental regulations, to which Solid is subject, and other factors which are described in further detail in Solid's filings with the Canadian Securities Regulators.
The TSX Venture Exchange has not reviewed this release and does not
accept responsibility for the adequacy or the accuracy of this release.