Soho Resources Corp. Announces Results of Recent Annual General Meeting
03 November 2010 - 3:00PM
Marketwired
Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
is pleased to announce results of its recently held annual general
meeting. Forty-one shareholders were represented at the meeting
either in person or by proxy, holding a total of 71,314,510 shares
of the Company.
All matters tabled for consideration, as outlined on the
Company's Notice of Annual General and Special Meeting of
Shareholders, were unanimously approved at the meeting by
represented shareholders. A brief list of the most important items
are discussed below.
Election of Directors
Incumbent Directors, Ralph Shearing, P.Geol, William Carl (Bill)
Howald, B.Sc., Art Freeze, P.Geo, Yao Sun and Lianxi Zhang were all
elected to the Board for another year. In addition, Mr. John Lynch
and Mr. John Anderson where elected to the Board of Directors for
the ensuing year. Mr. Paul Chung has stepped down as a Director but
will be staying involved with Company in an advisory position.
New Directors' information:
-- Mr. John Lynch is a businessman with extensive expertise in corporate
management and administration as well as experience in corporate
governance. Mr. Lynch has been a member of both private and publicly
traded organizations, and has worked well with several public companies
in the resource sector. Mr. Lynch is currently President and CEO and a
director of NWT Uranium Corp., a company listed on the TSX Venture
Exchange (the "Exchange") based in Toronto, Ontario. John also serves on
the Board of Directors of Niger Uranium Limited and has been a director
of Hana Mining Ltd since May 2001. He was also a former defensive back
with the Canadian Football League's Ottawa Roughriders.
-- Mr. John Anderson has been an advisor to the Company since 1998 and has
over 20 years experience in the financing and promotion of small to mid-
cap public companies. He is currently President of Purple Fish Capital
Management, a private equity firm engaged in the financing of both
private and public companies in North America, Europe and Asia. He is
also a director on the boards of other junior resource companies. Mr.
Anderson holds a B.A. from the University of Western Ontario.
Appointment of Auditors
Shareholders also approved the appointment of Davidson &
Company as auditors for the Corporation for another year.
2010 Stock Option Plan
Shareholders approved the Company's 2010 Stock Option Plan. The
2010 Stock Option Plan requires the approval of the TSX Venture
Exchange.
New Control Person
Shareholders approved the possible creation of a new "Control
Person" of the Company, as described under the policies of the TSX
Venture Exchange, which may result from the subscription of
convertible debenture units by way of a non-brokered private
placement by Mr. Lianxi Zhang, a director of the Company.
Potential Consolidation of the Issued and Outstanding Common
Shares of the Company
Shareholders approved the possible consolidation of all the
issued and outstanding common shares of the Company on the basis of
up to five old common shares for one new common share, or on such
other basis as may be approved by the Board of Directors and the
applicable regulatory authorities, and further authorizing the
directors in their sole discretion when and if to effect the
consolidation. The proposed consolidation was predicated on the
view that it may be necessary in order to obtain additional equity
financing.
Management wishes to inform shareholders that it has received
serious expressions of interest from a number of parties to provide
equity funding to the Company in its current form, on an
unconsolidated basis, if management is successful in achieving the
funding currently under discussion, it will not proceed with the
consolidation of the Company's shares and the consolidation as
outlined in the information circular and approved by the Company's
shareholders will be not be implemented.
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 - 154,013,693
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 Corporate
Contact (604) 684-8071 or Toll Free: 1-800-685-0576
ir@sohoresources.ca www.sohoresources.ca
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