Soho Resources Corp. (SOHFF: OTC Link) | Soho Closes 1st Tranche of Non-Brokered Private Placement


Soho Closes 1st Tranche of Non-Brokered Private Placement

Aug 15, 2011

OTC Disclosure News Service

Vancouver, BC, Canada –

VANCOUVER, BRITISH COLUMBIA – August 15,2011– Soho Resources Corp. (TSX Venture – SOH) (“Soho” or the “Company”)has closed its non-brokered private placement for gross proceeds of $1,359,000 (the “Private Placement”) by issuance of 13,590,000 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 August 09, 2012, at a price of $0.13 per Share and for a second year, until August 09, 2013 at a price of $0.175 per Share.

Investors participating in this private placement consisted predominately of European gold and silver precious metal funds, and the Encompass Fund, a U.S. based mutual fund.  The Encompass Fund had a return of 60% for 2010, and was the #1 International Fund (of 3,362 funds), and #1 World Stock Fund (of 843 funds) for 2010, according to Morningstar. It ranked #2 of all 15,724 funds tracked by Morningstar for 2010.

The Company has paid cash finder’s fees in the aggregate amount of $78,000.  The Company also issued an aggregate of 480,000 finder’s units (the “Finder’s Units”) to certain finders, each exercisable for one share at a price of $0.13 pershare in the first year and at a price of $0.175 per share in the second year.

All securities issued under the Private Placement are subject to hold periods expiring December 10th, 2011.


he Company is using the proceeds of the Private Placement to fund continued pre-feasibility data collection at the Company’s flagship Tahuehueto Project, fund exploration activities at the Jocuixtita Silver project and for generalcorporate purposes including continued marketing of the Company within North America and abroad.

ONBEHALF OF THE BOARD OF DIRECTORS                          

(signed) “Ralph Shearing

Ralph Shearing, Chief Executive Officer

“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.” 

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 above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Leave a Reply