Proceeds will advance Tahuehueto Project into pre-feasibility studies
By Devika Patel
Knoxville, Tenn., Feb. 1 - Soho Resources Corp. said it settled a non-brokered private placement of units. The deal priced for C$3 million with a 15% greenshoe on Dec. 22 and raised C$3.06 million.
The company sold 30.58 million units at C$0.10 apiece. Of the units, 580,000 were part of the partially exercised greenshoe. Each unit consists of one common share and one half-share warrant, with each whole warrant exercisable at C$0.15 until Jan. 24, 2012.
The warrant 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 approximately 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 certain 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$3,058,000, including C$58,000 from partially exercised greenshoe
|
| Units: | 30.58 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Jan. 24, 2012
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 22
|
| Settlement date: | Feb. 1
|
| Stock symbol: | TSX Venture: SOH
|
| Stock price: | C$0.10 at close Dec. 21
|
| Market capitalization: | C$18.34 million
|
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