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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 10, 2011) – Salmon River Resources Ltd. (“Salmon River” or the “Company“) (TSX VENTURE:SAL) is pleased to announce that the part and parcel private placement announced on November 4, 2011 has been increased from up to $1,500,000 to up to $2,100,000 (the “Private Placement“). The Company may issue up to 7,000,000 common shares at $0.30 per common share. The net proceeds of the Private Placement will be used primarily for legal and other expenses expected to be incurred in connection with the Investment Framework Agreement and the Treppo Grande Option described in the press release of the Company dated November 4, 2011. In connection with the Private Placement, Salmon River may pay finders’ fees to certain finders, including cash commissions in an amount equal to 8% of the proceeds from the sale of the common shares to subscribers and options to acquire that number of common shares equal to 8% of the number of common shares sold to subscribers. Such options will be exercisable for 18 months following their date of issue.
The common shares issued in the Private Placement will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation.
The Private Placement remains subject to the approval of the TSX Venture Exchange.
The Private Placement was announced concurrently with the announcement of a non-binding Memorandum of Understanding (the “MOU“) with General Steel Holdings Inc. Readers should refer to the full text of the press release of the Company dated November 4, 2011 for more information on the MOU.
About Salmon River Resources Limited (TSX VENTURE:SAL)
Salmon River Resources Limited is a mineral exploration company engaged in the exploration for and development of commercial deposits of iron ore in Western Australia. It holds an exclusive option to acquire the Mt. Manning project located in the Yilgarn region of Western Australia, approximately 210 kilometres northwest of Kalgoorlie. Salmon River believes the project has the potential to be a world-class iron ore deposit with early development potential. The shares of Salmon River are listed on the TSX Venture Exchange under the symbol “SAL”. For further information see our website at www.salmonriverresources.com.
On behalf of the Board of Directors of SALMON RIVER RESOURCES LTD.
J.G. Stewart, President
Forward-Looking Statements: This press release and the press release dated November 4, 2011 and referred to herein contains forward-looking statements that are based on the beliefs of management and reflect Salmon River’s current expectations. This press release and the press release dated November 4, 2011 relate to the execution of the non-binding MOU and the Private Placement only, and are not intended to create legally binding relationships. The forward-looking statements in this press release and the press release dated November 4, 2011 also include information relating to the intended commitments by GS Group, the Company’s intention to fund certain development expenses and to fund development of the Treppo Grande Project, and to the Private Placement. The forward-looking statements are based on certain assumptions, which could change materially in the future, including the assumption that the non-binding MOU will lead to definitive agreements, that the transactions contemplated in the MOU will be completed, that the Company will exercise its rights under the Treppo Grande Option and that the Company will close the Private Placement. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the MOU may be terminated, that the transactions contemplated in the MOU may not result in a binding agreement, that any agreement may have terms and conditions different from those contemplated in the MOU, that any agreement may not be completed, that GS Group may not invest a portion, or any, of the amount contemplated, that the Company may not exercise its rights under the Treppo Grande Option, and that the Private Placement may not close. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
