Yoho Resources Inc.
TSX VENTURE : YO

Yoho Resources Inc.

November 05, 2007 17:04 ET

Yoho Resources Inc. Announces Amendment to Previously Issued Warrants

CALGARY, ALBERTA--(Marketwire - Nov. 5, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Yoho Resources Inc. ("Yoho" or the "Company")(TSX VENTURE:YO) announces that it has entered into agreements with certain individuals to amend the terms of an aggregate of 1,092,226 previously issued warrants (the "Warrants") to provide the holders thereof (the "Warrantholders") an additional right to exercise such Warrants on a "cash-less" basis.

Of the 1,092,226 Warrants that are subject to the proposed amendment, 1,000,000 Warrants were issued pursuant to a private placement which closed on May 15, 2005 and are exercisable on or after November 13, 2007 and expire on December 13, 2007 and the remaining 92,226 Warrants were issued pursuant to a private placement which closed on October 7, 2005 and are exercisable on or after April 7, 2008 and expire on May 7, 2008. Each Warrant is exercisable into one common share of Yoho of the price of $2.50 per share.

The proposed amendment will provide a Warrantholder the right to require the Company to purchase from the Warrantholder the Warrants at a purchase price (the "Warrant Purchase Price") that is equal to the excess of the 20 day weighted average trading price of Yoho's common shares on the TSX Venture Exchange (the "Current Market Price") over the exercise price of such Warrants. The Warrant Purchase Price is to be paid by the Company by way of issuing to the Warrantholder common shares of the Company at a price equal to the Current Market Price determined on the date of receipt of the Warrantholder's notice to the Company of their election to exercise such Warrants in a "cash-less" manner.

The TSX Venture Exchange has previously accepted for filing such amendment.

Yoho Resources Inc. is a Calgary based junior oil and natural gas company with operations focusing in the northwest Peace River Arch of Alberta and northeast British Columbia. The common shares of Yoho are listed on the TSX Venture Exchange under the symbol "YO".

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Yoho will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.

CAUTIONARY STATEMENTS

Certain statements regarding Yoho Resources Inc. include management's assessments of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Yoho's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.

Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Yoho's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.

Accordingly, Yoho gives no assurance nor makes any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward looking statements. Yoho undertakes no obligation to publicly update or revise any forward-looking statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Yoho Resources Inc.
    Wendy S. Woolsey
    Vice President, Finance and CFO
    (403) 537-1771
    Website: www.yohoresources.ca