Soho Resources to raise $1.5m through private placement financing

Junior explorer Soho Resources (CVE:SOH) said Wednesday that it plans to launch a $1.5 million private placement financing.
The non-brokered offering will consist of up to 15 million units at a price of $0.10 each.
Each unit will be comprised of one common share and one half of a two year transferable share purchase warrant, with each whole warrant entitling the holder to purchase an additional share at $0.13 within one year, and at $0.175 within the second year following closing.
The company  said it also reserves an over-allotment option of up to 3.75 million units, being 25% of the offering. Finder's fees will be payable on portions of the placement.
Proceeds will be used mainly to fund continued pre-feasibility data collection at the company's flagship Tahuehueto gold project in Mexico, as well as to expand the current drilling program from 2000 metres to 3000 metres at its 4,332 hectare Jocuixtita silver property.