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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Soho Resources Corp. | TSXV:SOH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Upon closing of the private placement, anticipated near the end of January 2009, the Company will appoint two new directors, one of which will be designated by one of the placee's. 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.
The proceeds of the placement are to 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 this private placement which ensures Soho will have adequate working capital throughout 2009, at our current vastly reduced burn rate," states Ralph Shearing, President & CEO of the Company, "should market conditions improve such that it allows for additional funding to be achieved at less dilutive rates we intend to accelerate exploration work required to advance the Tahuehueto Project towards economic studies and possible future production."
Upon closing a finder's fee of 6% will be paid in relation to the private placement, as to 50% in cash and 50% in units having the same exercise terms as the unit in the private placement.
The placement is subject to the approval of the TSX Venture Exchange.
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
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