1.8 mIllion oz Au Eq. M+I+ILast year (2008) Soho had 101 million shares outstanding.
Today there are 131 million shares outstanding.
Shareholders and investors in SOHO have seen our shares diluted by 25.75 million shares in February,2009 for 1 million dollars:
25,000,000 units at $0.04 per unit for gross proceeds of $1,000,000
In addition, the Company will pay $30,000 in cash and issue 750,000 units(+WARRANTS) to certain finders......
https://www.sohoresources.ca/news_view.php?id=15
Additionally,this placement allows another 21 million warrants/shares issued at .05 for another million dollars.
$.05 X 20,000,000 for gross proceeds of $1,037,500
https://www.sohoresources.ca/inv_sharestructure.php
46.75 million shares issued for 2 million dollars.
151 million shares outstanding when and/or if these warrants are exercised.
I see a 50% dilution for two million Canadian dollars.
As Soho has diluted her shareholders for working capital to last through 2009 has the company explained to the public and their shareholders how this is palatable,acceptable,excusable,etc. without any added value given to their shareholders?
Please corect me if I am wrong but where is the added value to Soho shareholders (that have paid multiples of .04 and .05 for public shares) when Soho management diluted their shareholders by 46% for two million dollars?
This type of massive dilution should have been reserved for a JV that would develop Taheuheuto.
See Soho shares? See Soho shares in a gold bull market.
See Soho shares MASSIVELY DILUTED-flatline.
"...we are pleased to have negotiated this private placement which ensures Soho will have adequate working capital throughout 2009, at our current vastly reduced burn rate” states Ralph Shearing, President & CEO of the Company....