Soho Resources Corp. (TSX.V: SOH, OTCQX: SOHFF)
Shares Issued: 199,123,676
VANCOUVER, Jan. 23, 2012 /CNW/ - Soho Resources Corp. (TSX Venture -
SOH) ("Soho" or the "Company") announces that it has arranged a non-brokered private placement of up
to 12,500,000 units of the Company. Each unit is priced at $0.06 per
unit, resulting in gross proceeds of up to $750,000. Each unit is
comprised of one common share of the Company and one half of a two year
transferable share purchase warrant. Each one whole share purchase
warrant entitles the holder thereof to purchase one additional common
share of the Company at $0.10 within two years of its date of issuance.
All securities issued under the non-brokered private placement are
subject to a hold period expiring four months and one day after the
closing date. Closing of the Private Placement is subject to approval
of the TSX Venture Exchange.
Use of Proceeds
Proceeds will be used for general corporate purposes.
Warrant Term Extension
On January 13, 2012, the TSX Venture Exchange announced they had
consented to an extension to the expiry date of warrants issued
pursuant to a private placement completed January 24, 2011.
Number of Warrants:
Original Expiry Date of Warrants:
New Expiry Date of Warrants:
Exercise Price of Warrants:
January 24, 2012
January 24, 2013
About Soho Resources Corp
Soho Resources Corp. is an exploration and development company
strategically focused on gold, silver and base metals in the prolific
Sierra Madre Belt of Mexico. The Company holds 99.4% of the
outstanding shares of its Mexican subsidiary company that maintains
100% ownership in 9,081 hectare Tahuehueto Property, an advanced stage
gold and base metal exploration and development project.
Soho also holds an option to purchase 100% interest in the 4,332 hectare
Jocuixtita Silver Project where the company is currently conducting a
first stage exploration drilling program.
At its flagship Tahuehueto Project in Durango State, Mexico the Company has embarked on a program of
pre-feasibility data collection. Past exploration efforts Tahuehueto
lead to the delivery, on October 4, 2010, of a Preliminary Economic Assessment ("PEA") completed by Snowden Mining Industry Consultants Inc. Key
findings from the report included:
Summary of PEA Estimates
Net cash flow
$US 184.2 million
Net present value (NPV) 5% discount
$US 109.6 million
Internal rate of return %
Maximum processing rate
Capital and start-up costs
$US 89.1 million
Note: Calculations based on a 3 year rolling average of metal prices at
the end of August 2010
Currency US$ Gold: 965.81, Silver: 15.38, Copper: 2.92, Lead: 0.95,
The Tahuehueto Project is a classic epithermal system hosting multiple
structures traced for up to six kilometers of strike length.
Considerable upside exploration potential remains on the existing
explored resource structures both down dip and along strike, as well as
on numerous other unexplored mineralized structures known to occur on
This press release was prepared under the supervision and review of
Ralph Shearing, President and CEO of Soho Resources Corp., a Licensed
Geologist, and Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed) "Ralph Shearing"
Ralph Shearing, Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this 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.
SOURCE Soho Resources Corp.
For further information:
Glen Sandwell, IR Manager
Tel: (604) 684-8071
Toll Free: 1-800-685-0576