Soho Resources Closes First Tranche of Convertible Debenture Unit Private Placement
11 August 2010 - 10:48PM
Marketwired
Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
announces that the first tranche of the non-brokered private
placement of convertible debenture units announced on July 14, 2010
and July 26, 2010 has closed.
This first tranche of the private placement consisted of
principal amount $200,000 convertible debenture units ("Units") at
a price of $1,000 per Unit, each Unit consisting of a $1,000
principal amount of convertible debentures (the "Convertible
Debentures") and 20,000 transferable common share purchase warrants
("Warrants"). Each Warrant is exercisable into one common share in
the capital of the Company ("Warrant Share") for a period of two
years from the date of issue, at an exercise price of $0.10 per
Warrant Share.
The Convertible Debentures are unsecured, non interest-bearing
and are convertible into common shares of the Company from the date
of issue, at the option of the holder, at a price of $0.05 per
common share. The conversion is conditional upon the Company
completing a consolidation of its share capital on not less than a
two for one basis or such other consolidation ratio as recommended
by the Company's board of directors and approved by shareholder at
the Company's next AGM to be held before mid October 2010.
In addition, the Company paid to the holders of the Units a
bonus of 20% of the principal amount of the Convertible Debentures,
payable in common shares of the Company at an issue price of $0.05
per common share.
ON BEHALF OF THE BOARD OF DIRECTORS
Ralph Shearing, Chief Executive Officer
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.
Shares Issued - 152,013,693
Last Close 2010/08/10 C$0.05
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Soho Resources Corp. Mr. Glen Sandwell (604) 684-8071
or Toll Free: 1-800-685-0576 ir@sohoresources.ca
www.sohoresources.ca
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