Soho Resources Corp. Closes $1,000,000 Private Placement Financing
12 February 2009 - 2:00AM
Marketwired
Soho Resources Corp. ("Soho" or the "Company") (TSX VENTURE: SOH)
is pleased to announce that it has closed its non-brokered private
placement, originally announced by news release on December 18,
2008.
The Company will issue 25,000,000 units at $0.04 per unit for
gross proceeds of $1,000,000. Each unit consists of one common
share without par value and one whole transferable share purchase
warrant. Each warrant entitles the holder to purchase one
additional common share of the Company and is exercisable within a
period of two years from closing. Each warrant is exercisable at a
price of $0.05 per share until February 2, 2010 and at a price of
$0.10 thereafter until February 2, 2011.
In addition, the Company will pay $30,000 in cash and issue
750,000 units to certain finders, representing 6% of the total
proceeds of the private placement as finder's fees. Each finder's
unit consists of one common share without par value and one whole
non-transferable share purchase warrant. Each finder's warrant
entitles the finder to purchase one additional common share of the
Company under the same term as the private placement terms noted
above.
The securities issued under the private placement are subject to
a four-month hold period expiring on June 3, 2009.
The proceeds of the placement will be used to fund the cost of
an updated resource report, additional exploration on the Company's
Tahuehueto Project, and for general corporate purposes.
"In these very difficult market conditions we are pleased to
have negotiated and closed this private placement which ensures
Soho will have adequate working capital throughout 2009," states
Ralph Shearing, President & CEO of the Company, "we are
continuing the process of updating our resource report."
The TSX Venture Exchange approved the above private placement on
February 10, 2009.
NEW DIRECTORS
The Company is also pleased to announce that it will appoint two
new directors. Mr. Lianxi Zhang of Tianjin City, China has been
designated by one of the placees. The second director to be
appointed will be Mr. Yao Sun of North Vancouver, who was
instrumental in assisting the Company in arranging the
placement.
Mr. Zhang graduated in 1980 from Geological College of Hebei
Province, China holding a B.Sc. in Chemical Engineering. Mr. Zhang
then served as Department and General Manager for Tangshan XinGuang
Ltd a developer of coal mines in the North Eastern part of China.
Mr. Zhang assisted that company in evaluating coal projects as well
as the oversight of project operations. In 1990, Mr. Zhang founded
Tianjin LanDe Investment Co. Ltd. ("Tianjin"), involved in coal
mine development, real estate development and direct equity
investments in a number of domestic and foreign companies. Tianjin
has established itself as one of the most recognizable investment
holding companies in Tianjin City, China and holds investment
interests in a number of Chinese and international publicly traded
companies. It has established an excellent working relationship
with a number of regional banks and investment funds. Mr. Zhang
currently serves as President and CEO of the company. Soho is
excited to have Mr. Zhang as a member of its Board of Directors and
is looking forward to his input and assistance as Soho moves
forward.
Mr. Yao Sun graduated from the University of BC with a Bachelor
of Commerce in 2005. He is an active member of the Certified
Management Accountants (CMA) of Canada and the Certified Practicing
Accountants (CPA) of Australia. Upon graduation from UBC, Mr. Sun
was a financial analyst with Citic Media Group in Beijing, China.
He is currently V.P. Finance with M.Y. Perspective Canada
Investment & Consulting Ltd., a Canadian company which provides
advisory services to Canadian & Chinese public companies. Mr.
Sun played a key role in assisting Soho with its financing.
Mr. Paul Chung has resigned from the board of directors of the
Company in order to accommodate the incoming directors noted above.
Mr. Chung will maintain an advisory position with the Company. Soho
wishes to thank Mr. Chung for his professional insight and
dedication over the past years.
RESOURCE UPDATE
Soho is pleased to report that Scott E. Wilson Consulting, Inc.,
of Denver, Co. has initiated work on an updated resource
calculation for the Tahuehueto Project. The updated resource
calculation will incorporate the results obtained on 72 additional
drill holes, which results were not yet available for inclusion
into the original resource calculation released in April of
2008.
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 take
responsibility for the adequacy or accuracy of this release.
Contacts: Soho Resources Corp. Glen Sandwell (604) 684-8071 or
Toll Free: 1-800-685-0576 Email: gsandwell@sohoresources.ca
Website: www.sohoresources.ca
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jul 2024 to Jul 2024
Soho Resources Corp. (TSXV:SOH)
Historical Stock Chart
From Jul 2023 to Jul 2024