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Soho Resources closes $1.35m private placement financing

Mexico-focused gold miner Soho Resources Corp. (CVE:SOH) said Monday it has closed its non-brokered private placement financing, raising $1.35 million.

Vancouver-based Soho sold 13.59 million units for 10 cents per unit. Each unit consists of one common share and one half of one share purchase warrant of Soho Resources.

The warrants are exercisable for an extra share for a period of one year, until August 09, 2012, at a price of 13 cents each, and for a second year, until August 09, 2013, at a price of 17 cents each.

Proceeds will go toward funding pre-feasibility data collection at its flagship Tahuehueto project, as well as exploration activities at the Jocuixtita silver project, and for general corporate purposes, including continued marketing of the company within North America and abroad.

European gold and silver precious metals funds participated in the private placement, Soho said.

A cash finders’ fee of $78,000 was paid out, and the company also issued 480,000 finders units.

Soho is primarily focused on the Sierra Madre Belt of Mexico, where it holds interests in two projects with principle commodities of gold, silver, lead, zinc, and copper located in Durango State and Sinaloa State in western Mexico.