TORONTO, ONTARIO--(Investorideas.com mining stocks newswire - May 11, 2011) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Solvista Gold Corporation ("Solvista") is pleased to announce, further to its press release dated May 9, 2011, that it has completed its private placement financing (the "Offering") which raised gross proceeds of CDN$2,735,297.
The Offering consisted of the sale of 3,647,063 units (each, a "Unit") at a price of CDN$0.75 per Unit. Each Unit consists of one common share and one-half (½) of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at a price of CDN$1.10 for a period of 24 months following the closing date of the Offering.
Kinross Gold Corporation (TSX:K)(NYSE:KGC) ("Kinross") purchased all 3,647,063 Units, which represents approximately 9.9% of Solvista's issued and outstanding share capital on a partially diluted basis. Solvista has also granted Kinross the right to maintain its percentage ownership during future financings for a period of two years following completion of the Offering.
Solvista intends to use the net proceeds of the Offering for mineral exploration and working capital purposes.
Listing of Solvista's Common Shares
Further to its press release dated April 27, 2011 announcing the completion of its qualifying transaction with Alpha One Corporation and concurrent private placement financing which raised gross proceeds of $15 million, Solvista's common shares are expected to begin trading on a consolidated basis under the symbol "SVV" on or about May 16, 2011, subject to receipt of final documentation of the TSX-V. Solvista will issue a more comprehensive news release when trading under the new symbol commences.
About Solvista
Solvista is an early-stage exploration company with two gold projects covering approximately 75,000 hectares in the Antioquia province of Colombia. Solvista is well funded and led by a management team with over 45 years of exploration and mining experience, principally in South and Central America. Solvista's head office is located in Toronto with its Colombian headquarters located in Medellín. For further details on Solvista, its management team and its projects, please refer to Solvista's web site (www.solvistagold.com). Solvista's Canadian regulatory filings can be found on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Solvista's objectives, goals or future plans, the timing and the of completion of the Financing, the receipt of TSX-V approval in respect of the Financing, the timing of the commencement of trading of Solvista's shares on the TSX-V, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development
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