Soho Resources Corp. Closes 1st Tranche of Non-Brokered Private Placement
August 15 2011 - 12:27PM
Soho Resources Corp. (TSX-V:SOH) ("
Soho" or the
"
Company") has closed its non-brokered private
placement for gross proceeds of $1,359,000 (the "
Private
Placement") by issuance of 13,590,000 units (each a
"
Unit") of the Company, at a price of $0.10 per
Unit. Each Unit consists of one common share (a
"
Share") of the Company and one half of one share
purchase warrant (each whole warrant a
"
Warrant"). Each Warrant is exercisable into
one additional Share for a period of one year, until August 09,
2012, at a price of $0.13 per Share and for a second year, until
August 09, 2013 at a price of $0.175 per Share.
Investors participating in this private placement
consisted predominately of European gold and silver precious metal
funds, and the Encompass Fund, a U.S. based mutual fund. The
Encompass Fund had a return of 60% for 2010, and was the #1
International Fund (of 3,362 funds), and #1 World Stock Fund (of
843 funds) for 2010, according to Morningstar. It ranked #2 of all
15,724 funds tracked by Morningstar for 2010.
The Company has paid cash finder's fees in the aggregate amount
of $78,000. The Company also issued an aggregate of 480,000
finder's units (the "Finder's Units") to certain
finders, each exercisable for one share at a price of $0.13 per
share in the first year and at a price of $0.175 per share in the
second year.
All securities issued under the Private Placement are subject to
hold periods expiring December 10th, 2011.
The Company is using the proceeds of the Private Placement to
fund continued pre-feasibility data collection at the Company's
flagship Tahuehueto Project, fund exploration activities at the
Jocuixtita Silver project and for general corporate purposes
including continued marketing of the Company within North America
and abroad.
ON BEHALF OF THE BOARD OF
DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, Chief Executive Officer
"Neither the 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."
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This News Release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of up-coming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Soho Resources Corp.
relies upon litigation protection for forward-looking
statements.
CONTACT: Soho Resources Corp.
Mr. Glen Sandwell
Tel: (604) 684-8071
Email: ir@sohoresources.ca
Toll Free: 1-800-685-0576
Web: www.sohoresources.ca
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jul 2023 to Jul 2024