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Press Release
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Vancouver,
British Columbia, February 10, 2009; Soho
Resources Corp. ("Soho" or the "Company") is
pleased to announce that it has closed its non-brokered private
placement, originally announced by news release on December 18, 2008.
The Company will issue 25,000,000 units at $0.04 per unit for gross proceeds
of $1,000,000. Each unit consists of one common share without par value
and one whole transferable share purchase warrant. Each warrant
entitles the holder to purchase one additional common share of the
Company and is exercisable within a period of two years from
closing. Each warrant is exercisable at a price of $0.05 per
share until February 2, 2010 and at a price of $0.10 thereafter until
February 2, 2011.
In addition, the Company will pay $30,000 in cash and issue 750,000
units to certain finders, representing 6% of the total proceeds of the
private placement as finder's fees. Each finder's unit consists of one
common share without par value and one whole non-transferable share
purchase warrant. Each finder's warrant entitles the finder to purchase
one additional common share of the Company under the same term as the
private placement terms noted above.
The securities issued under the private placement are subject to a
four-month hold period expiring on June 3, 2009.
The proceeds of the placement will be used to fund the cost of an
updated resource report, additional exploration on the Company's
Tahuehueto Project, and for general corporate purposes.
"In these very difficult market conditions we are pleased to have
negotiated and closed this private placement which ensures Soho will
have adequate working capital throughout 2009" states Ralph
Shearing, President & CEO of the Company, "we are continuing
the process of updating our resource report."
The TSX Venture Exchange approved the above private placement on
February 10, 2009.
NEW
DIRECTORS
The Company is also pleased to announce that it will appoint two new
directors. Mr. Lianxi Zhang of Tianjin City, China has been designated
by one of the placees. The second director to be appointed will
be Mr. Yao Sun of North Vancouver, who was instrumental in assisting
the Company in arranging the placement.
Mr. Zhang graduated in 1980 from Geological College of Hebei Province,
China holding a B.Sc. in Chemical Engineering. Mr. Zhang then served as
Department and General Manager for Tangshan XinGuang Ltd a developer of
coal mines in the North Eastern part of China. Mr. Zhang assisted that
company in evaluating coal projects as well as the oversight of project
operations. In 1990, Mr. Zhang founded Tianjin LanDe Investment Co.
Ltd. ("Tianjin"), involved in coal mine development, real
estate development and direct equity investments in a number of
domestic and foreign companies. Tianjin has established itself as one
of the most recognizable investment holding companies in Tianjin City,
China and holds investment interests in a number of Chinese and
international publicly traded companies. It has established an
excellent working relationship with a number of regional banks and
investment funds. Mr. Zhang currently serves as President and CEO of
the company. Soho is excited to have Mr. Zhang as a member of its
Board of Directors and is looking forward to his input and assistance
as Soho moves forward.
Mr. Yao Sun graduated from the University of BC with a Bachelor of
Commerce in 2005. He is an active member of the Certified
Management Accountants (CMA) of Canada and the Certified Practicing
Accountants (CPA) of Australia. Upon graduation from UBC, Mr. Sun was a
financial analyst with Citic Media Group in Beijing, China. He is
currently V.P. Finance with M.Y. Perspective Canada Investment &
Consulting Ltd., a Canadian company which provides advisory services to
Canadian & Chinese public companies. Mr Sun played a key role
in assisting Soho with its financing.
Mr Paul Chung has resigned from the
board of directors of the Company in order to accommodate the incoming
directors noted above. Mr Chung will maintain an advisory
position with the Company. Soho wishes to thank Mr Chung for his
professional insight and dedication over the past years.
Soho is pleased to report that Scott E. Wilson Consulting, Inc., of
Denver, Co. has initiated work on an updated resource calculation for
the Tahuehueto Project. The updated resource calculation will
incorporate the results obtained on 72 additional drill holes, which
results were not yet available for inclusion into the original resource
calculation released in April of 2008.
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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 TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release
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Soho
Resources Corp.
Trading Symbol: TSXV - SOH
Outstanding Shares:
125,887,913
Fully Diluted: 151,637,913
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