Nov 23 2010
Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SORSF) reports that it has completed the acquisition of a thirty percent interest of Amazon Resources Limited pursuant to a Share Exchange Agreement.
Further to a non-binding Letter of Intent between Sola and Amazon, a United Kingdom incorporated company, the shareholders of Amazon have entered into a Share Exchange Agreement ("SEA" to sell thirty percent (30%) of the common shares of Amazon to Sola. The SEA further provides an Option for Sola to acquire up to one hundred percent (100%) of Amazon on or before March 31, 2011.
At this time, Sola has received and accepted SEA's from shareholders representing 92.54% of the outstanding shares of Amazon which will result in Sola issuing to these Amazon shareholders 45,042,589 common shares of Sola in aggregate. This satisfies the 85% minimum acceptance requirements pursuant to the SEA. The Amazon shareholders will receive these shares pursuant to the acceptance and approval of the TSX Venture Exchange upon Sola filing a Form 5B – Expedited Acquisition Filing Form for the completion of this Expedited Acquisition.
The completion of this Expedited Acquisition will allow Sola to establish a partnership with a producing diamond and gold company in Brazil. Sola's Board of Directors have been actively seeking revenue producing opportunities and this acquisition fits well with the strategic direction of Sola.
The CEO of Sola, Dr. Pfaffenberger, states: "We are excited about this opportunity. The team at Amazon are very qualified and have considerable mining experience that will aid and assist Sola going forward. As well, Sola will now benefit from the underlying opportunities that Amazon possess."