Sola Provides Positive Notice to Move Forward With Potential Partner in Brazil

Sola Resource Corp. (TSX VENTURE:SL) (PINK SHEETS:SORSF) (the "Company" or
"Sola") reports that it has provided a Positive Notice under its Memorandum of
Understanding ("MoU"), with Rio Madeira Comercio Importacao E Exportacao De
Minerios, ("Rio Madeira"). 


Sola is pleased to announce that upon review of certain due diligence materials
and verification actions and duties executed by Sola, Sola has issued Rio
Madeira a "Positive Notice" to move forward as provided for under the terms and
conditions of its MoU with Rio Madeira. 


Under the MoU, Rio Madeira was to provide access to, and work with Sola, in
regards to enabling Sola to review due diligence materials and have access to
any and all aspects of Rio Madeira's business. Such access was provided, and
Sola was satisfied with information and materials presented to date. Further due
diligence will continue, but under the terms of the MoU, Sola has been satisfied
with its initial reviews. 


This Positive Notice leads the way to enable Sola to commence the next stage of
execution which will be the completion of definitive agreements, and the
negotiation of such agreements, as well as the financing of the acquisition. 


Bill Pfaffenberger, CEO and Director of Sola, says; "We have been excited about
the clarity and level of disclosure that we have seen from Rio Madeira; it has
given Sola a level of comfort that we see will provide the foundation for an
exceptional partnership in the years to come. While due diligence will be an
ongoing aspect of any joint venture and partnership, this has started out in a
very positive manner."


Sola is a junior exploration company with assets in Canada and Brazil. The
Company has primarily focused on diamond, gold and base metal resource
properties since inception. All available resource reports and information on
the Company's properties are located on the Company website. 


Rio Madeira is a Brazilian company with which Sola has a Memorandum of
Understanding to purchase 50% of its share capital and is presently producing
2,000 tons per month of 52% grade Manganese. 


Issued on behalf of the Board of Directors of Sola Resource Corp. 

William (Bill) Pfaffenberger, Director

The information in this news release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. When used in this release, words such as
"estimate", "expect", "anticipate" and "believe" as well as similar expressions
are intended to identify forward-looking statements. Such statements are used to
describe management's future plans, objects, and goals for the Company and
therefore involve inherent risks and uncertainties. The reader is cautioned that
actual results, performance or achievements may be materially different from
those implied or expressed in such statements, which speak only as of the date
the statements were made. The Company does not update forward-looking statements
continually as conditions change. We seek safe harbor.

(TSXV:SL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024