Soltera Mining Corp - Company Update
Soltera Mining Corp. announces the administrative law judge has ruled in favor with the U.S. Securities and Exchange Commission
PR9.NET October 27, 2015 - San Salvador de Jujuy, Argentina - Soltera Mining Corp. (OTC: SLTA.PK) announces the administrative law judge has ruled in favor with the U.S. Securities and Exchange Commission (the ?SEC?) to uphold the SEC?s order to have the SEC registration of Soltera?s registered securities revoked. In his decision, the judge stated that Soltera did not make a strongly compelling showing that would justify a sanction less than revocation. In conclusion to his decision, the judge said ?I therefore find it necessary and appropriate for the protection of investors to revoke the registration of each class of registered securities of Soltera?.
The company has the right to seek an appeal of the judge?s decision. However, the board of directors have determined that it would not be in the best interest of Soltera or its shareholders to file for an appeal based on the judge?s reasons for his decision and how the judge has applied the law to the company?s fact-situation. The judge based his decision on the company?s past performance and did not put much weight on the fact that Soltera brought its SEC filings up to date and spent more than $80,000 in the process. The complete decision of the administrative judge is available for review on https://www.sec.gov/alj/aljdec/2015/id891jeg.pdf .
Sometime after the 21-day appeal period the SEC will enter an order of finality at which time Soltera?s registration will be revoked. Soltera will provide updates on this matter on Soltera?s website under ?News? (www.solteramining.com), in particular, the effective date of the company?s revocation, when it becomes available.
On other matters, Soltera is pleased to announce that it has completed all option payments on the El Torno Gold Project and is currently in negotiations with the property owner for the purchase of the property.
On October 23, 2015 Mr. Arnaldo Massini resigned as a director of the company and Dr. Fabio Montanari was appointed as an additional director of Soltera. On October 24, 2015 Mr. Alessandro Murroni resigned as a director of the company. The company has accepted the resignations of Mr. Massini and Mr. Murroni, and wishes to thank both for their continued effort in searching for and finding funds for the company in a very difficult time period for the mining exploration industry, including finding sufficient financial resources ($178,000) to address the SEC situation and keep the company going through this period.
Finally, management is currently reviewing Soltera?s plan of operation with respect to the El Torno Gold Project and options for financing Soltera?s operations. Management will be seeking proposals from other public companies for a possible merger, consolidation, reorganization, or joint venture. Any such proposal involving Soltera?s assets will require the prior approval of the company?s board of directors and its shareholders. Upon making any decision management will provide the shareholders with additional information.
Management will continue its efforts to locate additional funding, which have been difficult due to the down turn in the mining and exploration industry, and will keep the shareholders updated with any developments in the company?s operations.
About Soltera Mining Corp.
Soltera is an exploration company that is concentrating on the El Torno Gold Project in the north-western province of Jujuy, Argentina.
Soltera Mining Corp.
Safe Harbor Statement: Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Information or opinions in this document are presented solely for informative purposes and are not intended nor should be construed as investment advice. We encourage you to carefully review Soltera with your investment advisor and verify any information that is important to your investment decision.
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About Soltera Mining Corp
Soltera Mining Corp. is a unique exploration company in the sense that it is following two distinct lines of action. The first is conventional, with exploration concentrated on carefully selected gold and base metal projects that were acquired during the last eighteen months, particularly the large-scale El Torno gold project in Argentina. The second, less conventional approach is to join with a minerals trading company to identify projects in any part of the world that can produce a rapid cash flow; such projects have been identified to date in Argentina and North Africa.
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