www.sohoresources.ca
Soho Resources is a Canadian-based junior resource company focused on exploring and developing the Tahuehueto gold-silver project in northwestern Durango State, Mexico.
The 9,081-hectare property covers at least 12 mineralized zones hosted within a structurally controlled epithermal system that has been traced for more than 6 km. Exploration programs have confirmed significant gold-silver mineralization with associated base metals at many of these zones.
Soho Resources to raise up to $3.0m for various projects in Mexico
Soho Resources (TSX-V: SOH) said Wednesday it will raise up to $3.0 million through a non-brokered private placement.
The company has agreed to sell up to 30 million units at $0.10 per unit. Each unit is comprised of one common share and one half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at $0.15 within one year from closing.
Soho has also reserved an over-allotment option of up to 4.5 million units, it said.
Approximately $1.5 million of the new funds will be used to begin the collection of data to advance
the Tahuehueto project in Durango State, Mexico into pre-feasibility studies.
Work will include the collection of environmental data, core drilling within the resource zones to upgrade from the inferred category, and geotechnical slope-stability drilling at the Cinco de Mayo zone.
In addition, $400,000 of the proceeds from the placement will be used to finance a preliminary exploration program at the Jocuixtita project in Sinaloa, Mexico, which will include initial surface work and a diamond drilling program to test the principal zone on the property.
The remainder of the monies raised will be used for general corporate purposes, including a marketing program within North America and Europe, the whole or partial repayment of certain loans, and working capital requirements.
