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Solimar Announces Closing of Private Placement

CALGARY, ALBERTA -- (Marketwired) -- 06/20/14 -- Solimar Energy Limited ("Solimar" or the "Company") (ASX:SXS)(TSX VENTURE:SXS) is pleased to announce that, further to its previous announcement dated May 9, 2014 concerning a non-brokered placement, it has issued a further 2,123,077 units ("Units") at a price of C$0.065 per Unit for aggregate gross proceeds of $138,000 (the "Offering"). Each Unit is comprised of one (1) ordinary share of Solimar ("Share") and one half of one (0.5) right ("Right"). As the Issuer has previously obtained shareholder approval pursuant to the ASX rules, immediately thereafter, each Right will be deemed to have been exchanged by the holder thereof, without payment of additional consideration or further action on the part of the holder, for one warrant ("Warrant") to purchase one (1) Share at an exercise price of $0.065 for a 24 month period following closing.

Pursuant to the Offering, Rio Bravo Commercial Enterprise Inc. (the "Offeror") purchased an aggregate of 2,123,077 Units for aggregate consideration of $138,000. Immediately following completion of the Offering, the Offeror had beneficial ownership of, and control and direction over, an aggregate of 6,749,752 Shares, or approximately 9.97% of the Shares outstanding. Immediately following completion of the Offering, the Offeror also had beneficial ownership of 3,369,231 warrants. If such warrants are all exercised, the Offeror would have beneficial ownership of, and control and direction over, 10,118,983 Shares, or approximately 14.24% of the Shares outstanding.

The Offeror acquired the Units for investment purposes. The Offeror intends to review its investment in Solimar on a continuing basis. Depending on various factors including, but not limited to, Solimar's financial position, the market price of the Shares, conditions in the securities markets and general economic and industry conditions, the Offeror's business or financial condition and other factors and conditions the Offeror deems appropriate, the Offeror may in the future take such actions with respect to its investment in Solimar as the Offeror considers appropriate. The Offeror may in the future acquire ownership of, or control and direction over, further Shares. The Units were acquired by the Offeror pursuant to an exemption from the prospectus requirement of applicable securities legislation at Section 2.3 of National Instrument 45-106, based on the net asset value of the Offeror.

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.

Reader Advisory: Forward-looking statements

This news release contains forward-looking information relating to the private placement, planned development and exploration activities on the properties in which the Company has interests, and other statements that are not historical facts. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.

Forward-looking information is based on certain factors and assumptions. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks associated with the private placement, risks associated with instability of the economic environments in which the Company operates or owns interests, oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays, including risks relating to the acquisition of necessary licenses and permits, environmental risks and insurance risks.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.

ABN 42 112 256 649

Solimar Energy Limited
Jason Bednar
+1 805 643 4100 or (03) 9347 2409

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