Soho Resources Corp. Non-Brokered Private Placement
22 Dezember 2010 - 7:59PM
Marketwired
Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
announces that it has arranged a non-brokered private placement of
up to 30,000,000 units of the Company. Each unit is priced at $0.10
per unit, resulting in gross proceeds of up to $3,000,000. Each
unit is comprised of one common share of the Company and one half
of a share-purchase warrant. Each one whole share purchase warrant
entitles the holder thereof to purchase one additional common share
of the Company at $0.15 within one year of its date of issuance.
The Company also reserves an overallotment option of up to
4,500,000 units, being 15% of the offering.
Finder's fees calculated in accordance with TSX Venture Exchange
guidelines are payable on a portion of the placement.
All securities issued under the non-brokered private placement
are subject to a hold period expiring four months and one day after
the closing date. Closing of the Private Placement is subject to
approval of the TSX Venture Exchange.
USE OF PROCEEDS
Approximately $1.5 million will be used to commence collection
of data to advance the Tahuehueto Project into pre-feasibility
studies. Work will consist of one or more of the following
initiatives:
-- geotechnical slope stability drilling at the Cinco de Mayo zone in order
to prove stability of the cliff face above the zone so that the zone may
be brought into the open-pit mining plan
-- core drilling within the resource zones as required in order to increase
confidence of the inferred resource into measured and indicated
resources as required for pre-feasibility and feasibility studies.
-- collection of environmental data necessary for pre-feasibility and
feasibility studies for future mine planning
Approximately $400,000 will be used to fund a preliminary
exploration program on the Jocuixtita Project. This program would
include:
-- initial surface work of geological mapping, trenching and possibly
geophysics
-- a diamond drilling program in order to test the principal zone(s) on the
Project strongly mineralized in silver, lead and zinc.
Approximately $1.1 million will be used for general and
administrative corporate purposes including, a marketing program
within North America and Europe, the whole or partial repayment of
certain convertible loans (loans announced on July 26, 2010), and
ongoing working capital.
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.
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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