Soltoro Ltd. (SOL – $0.16) raised $975,000 in a non-brokered private placement at a price of $0.10 per Unit. Each Unit consists of one common share and one Common Share purchase warrant at an exercise price of $0.15 per Share.
Six directors and officers of the Company participated in the Offering and subscribed for an aggregate of 780,000 Units. In addition, Ernesto Echavarria subscribed for an aggregate of 2,500,000 Units for gross proceeds to the Company of $250,000. Upon completion of the Offering, Mr. Echavarria holds an aggregate of 11,526,700 Common Shares representing approximately 16.58% of the issued and outstanding Common Shares. Soltoro now has 69,533,037 common share issued and outstanding.
Net proceeds of this private placement will be used to further the Company’s exploration projects, fund possible new acquisitions and for general working capital.
Soltoro is a junior exploration company exploring for bulk tonnage gold, silver and copper deposits in Mexico. The Company focuses on expanding the silver resources at its El Rayo Primary Silver Deposit, which has a Measured and Indicated in-pit resource of 77.4 million ounces silver. Additionally, it’s actively advancing its 100% owned Gold/Copper Tecolote Project, which is located less than 10 kilometres north of El Rayo and only 10 kilometres northeast of Cayden Resources El Barqueño Project.
The El Rayo, Tecolote and El Barqueño projects make up part of the emerging gold potential of the Guachinango district, which was first explored by Spanish conquistadors in the sixteenth century. These projects are located within a broad northwest-trending belt of mineral districts that also includes Santana Minerals` Espiritu Santo Project and Endeavour Silver’s San Sebastian Project. Mineralization within this belt occurs primarily in northwest- and northeast-trending structures.
One of the northeast-southwest corridors that cross the Tecolote property can easily be traced southwest onto the El Barqueño property using ground magnetics and aerial photographs. This may be fantastic news for Soltoro, as Cayden recently announced some very encouraging drill results from El Barqueño. Drilling highlights include 35.5 meters of 1.62 g/t Au, 214 g/t Ag, and 0.66 % Cu in hole 15, 18 meters of 3.38 g/t Au in hole 21 and 10 meters of 4.4 g/t Au in hole 24.
At Tecolote itself, mapping and sampling continues to yield high-grade gold silver values. The Carmelita vein system, for example, has now been traced for over 100 metres at surface. Sampling returned numerous high-grade gold and silver values including 27.70 g/t gold and 641 g/t silver over 0.7 metres. A ground magnetic survey over the Carmelita zone suggests the structure hosting the vein has a strike length of 550 metres.
Also at the La Fundición area, mineralization has been traced for an aggregate strike length of over 1,500 metres and highlights include 10.25 g/t Au and 28 g/t Ag over 1.00 metre, 2.39 g/t Ag and 25 g/t Ag over 3.50 metres, and 8.08 g/t Au and 20 g/t Ag over 0.80 metres. Finally, in the Tecolote area, vein systems have been traced for an aggregate strike length of over one kilometre. Highlights include 5.74 g/t Au and 48 g/t Ag over 1.00 metre and 1.91 g/t Au and 21 g/t Ag over 6.00 metres.
Further ground magnetic surveys will be carried out to better define the extent of known vein systems while the remainder of the property will be explored through continued mapping and sampling. We continue to like Soltoro. And with the money it raised, it will be able to further develop its attractive properties.
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