Soho Resources (SOH.V) - fund raising completed

Comment by Objective Capital , Aug 19, 2011
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Soho has raised C$1.3m through the sale of 13.59 million shares at C$0.10. One-half share purchase warrant accompanies each full share, and is exercisable at C$0.13 during the first year and C$0.175 during a second year.

The new shares were sold primarily into the United States and European institutional markets.

Soho intends to use the proceeds to advance the company's flagship Tahuehueto project in Mexico, its Jocuixtita silver project, and for general working capital.

Objective's view:

The successful completion of this private placement allows Soho to proceed with its 2011 exploration and development plans at Tahuehueto and Jocuixtita. We view the placement as a positive development, although one clearly anticipated and required to sustain project timelines, which supports our earlier valuation of Soho.