Proceeds will advance Tahuehueto Project into pre-feasibility studies
By Devika Patel
Knoxville, Tenn., Dec. 22 - Soho Resources Corp. said it plans to raise C$3 million in a non-brokered private placement of units. There is a 15% greenshoe.
The company will sell 30 million units at C$0.10 apiece. Each unit consists of one common share and one half-share warrant, with each whole one-year warrant exercisable at C$0.15. The strike price reflects a 50% premium to the Dec. 21 closing share price of C$0.10.
About C$1.5 million of the proceeds will be used to begin data collection to advance the Tahuehueto Project into pre-feasibility studies. About C$400,000 of the proceeds will be used for a preliminary exploration program on the Jocuixtita Project, and the roughly C$1.1 million of remaining proceeds will be used for general and administrative corporate purposes, including a marketing program in North America and Europe, the repayment of some convertible loans and ongoing working capital.
Soho is a Toronto-based resource exploration company.
| Issuer: | Soho Resources Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Greenshoe: | 15% (C$450,000)
|
| Units: | 30 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 22
|
| Stock symbol: | TSX Venture: SOH
|
| Stock price: | C$0.10 at close Dec. 21
|
| Market capitalization: | C$18.34 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
