Soho Resources Corp. Closes Non-Brokered Private Placement and Grant of Stock Options
01 Februar 2011 - 8:44PM
Marketwired
Soho Resources Corp. (TSX VENTURE: SOH) ("Soho" or the "Company")
has closed its non-brokered private placement for gross proceeds of
$3,058,000 (the "Private Placement") by issuance of 30,580,000
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 January 24, 2012, at a price of
$0.15 per Share.
The Company has paid cash finder's fees in the aggregate amount
of $50,000. The Company also issued an aggregate of 459,500
finder's units (the "Finder's Units") to certain finders.
All securities issued under the Private Placement are subject to
hold periods expiring May 25, 2011.
The Company will use the proceeds of the Private Placement as
follows:
-- $500,000 to pay out all of its outstanding debentures. The Company is
pleased to advise that the debenture holders reinvested the full
$500,000 into the Private Placement. The debentures have now been
cancelled.
-- Approximately $1.5 million will be used to commence collection of data
to advance the Tahuehueto Project into prefeasibility studies. Work will
consist of one or more of the following initiatives:
-- geotechnical slope stability investigations 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; and
-- 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 Silver Project, as follows:
-- initial exploration work of geological mapping, trenching, surface
and underground sampling;
-- a diamond drilling program in order to test two of the principal
mineralized zone(s) on the Project, strongly mineralized in silver,
lead and zinc.
-- The balance will be used for general and administrative corporate
purposes including a marketing program within North America and Europe,
and ongoing working capital.
The Company also announces it has granted an aggregate of
4,800,000 incentive stock options to officers and directors of the
Company to purchase up to a total of 4,800,000 common shares in the
capital of the Company at a price of $0.10 per common share. The
options expire on February 1, 2016.
The options have been granted under the Company's existing stock
option plan and are subject to the provisions contained in the
Company's stock option plan. The Company has a 10% rolling stock
option plan, in accordance with the policies of the TSX Venture
Exchange, which plan reserves a maximum of 10% of the issued and
outstanding shares of the Company at the time of the stock option
grant. Approximately 60% of the Company's available stock options
under the Plan are currently issued with the other 40% reserved for
future issuance at the discretion of the board.
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 - 185,053,193
Last Close $0.12 - January 31, 2011
"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."
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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