Soho Resources Corp. (TSX.V: SOH)
Shares Issued - 199,123,676
Last Close 2011/11/17 C$0.065
VANCOUVER, Nov. 18, 2011 /CNW/ - Soho Resources Corp. (TSXV: SOH) ("Soho" or the "Company") is pleased to announce results of its recently held annual general
meeting. Fifty-nine (59) shareholders were represented at the meeting
either in person or by proxy, holding a total of 39,489,545 shares of
All matters tabled for consideration, as outlined on the Company's Notice of Annual General and Special Meeting of Shareholders, were unanimously approved at the meeting by represented
shareholders. A brief list of the most important items are discussed
Election of Directors
Incumbent Directors, Ralph Shearing, P.Geol, William Carl (Bill) Howald,
B.Sc., Art Freeze, P.Geo, Yao Sun and Lianxi Zhang, John Lynch and John
Anderson were all elected to the Board for another year.
Appointment of Auditors
Shareholders also approved the appointment of Davidson & Company as
auditors for the Corporation for another year.
2011 Stock Option Plan
Shareholders approved the Company's 2011 Stock option plan. The 2011
Stock Option Plan requires the approval of the TSX Venture Exchange.
Potential Consolidation of the Issued and Outstanding Common Shares of
Shareholders approved the possible consolidation of all the issued and
outstanding common shares of the Company on the basis of up to eight
old common shares for one new common share, or on such other basis as
may be approved by the Board of Directors and the applicable regulatory
authorities, and further authorizing the directors in their sole
discretion when, and if, to effect the consolidation. The proposed
consolidation was predicated on the view that it may be necessary in
order to obtain additional equity financing in the current market
environment. Management intends to make a decision on a consolidation
ratio and when, and if, to proceed with the consolidation as soon as
possible after discussion with key shareholders and among the board of
The company has arranged a $300,000 bridge loan from members of its
Board of Directors to provide short term working capital. The loan is
being provided unsecured, for a period of one year, and will bear
interest at the rate of 10% per annum. The company will also pay a
bonus to the lenders equal to 20% of the value of the loan, to be paid
in common shares of the company at a deemed price of $0.07 per share.
This loan is subject to the approval of the TSX.V exchange.
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:
Soho Resources Corp.
Mr. Glen Sandwell
Tel: (604) 684-8071
Toll Free: 1-800-685-0576