Fox Williams LLP is acting for AIM listed Solomon Gold Plc (“Solomon” or the “Company”) in connection with the placing of 54,017,153 new ordinary shares of 28 pence each (the “Placing Shares”) to institutional and private investors raising gross proceeds of £15,124,803 (the “Placing”). The Placing Shares will be admitted to trading on AIM on 9 November 2010 (“Admission”). The Placing is conditional upon Admission and the passing of certain resolutions at a General Meeting to be held on 8 November 2010. Solomon has already received undertakings from its major shareholders, which amount to approximately 56% of the Company’s current issued share capital, to vote in favour of the resolutions.
Solomon is a mineral explorer in the South West Pacific with projects throughout Australia and the Solomon Islands. The Company’s core focus is to discover a world class copper and gold mine on the south west Pacific Rim of Fire.
The funds will be used to continue the progression of Solomon’s exploration program at Fauro in the Solomon Islands over the next 12 months and to provide for additional near term drilling and a resource upgrade at the Rannes and Mt Perry projects in Queensland.
Nick Mather, Chief Executive of Solomon said, “The company has taken the opportunity offered by strong institutional investor interest to accelerate its planned drill program in Fauro following the very successful assay results seen in the recent trench and rock chip sampling result”.
James Channo, Capital Markets Partner at Fox Williams LLP, led the transaction and was assisted by Sharon O’Donnell, an associate in the Capital Markets team.