Yoho Resources Inc.

Yoho Resources Inc.

September 14, 2012 16:41 ET

Yoho Resources Inc. Announces Closing of Non-Brokered Private Placement of Flow-Through Shares

CALGARY, ALBERTA--(Marketwire - Sept. 14, 2012) -


Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of 3,864,735 common shares issued on a "flow-through" basis as Canadian development expenses pursuant to the provisions of the Income Tax Act (Canada) (the "Flow-Through Shares") at an issue price of $2.07 per Flow-Through Share for gross proceeds of approximately $8,000,000. Directors and officers of Yoho purchased an aggregate of 1,525,235 Flow-Through Shares pursuant to the Private Placement.

Proceeds of the Private Placement will be used to fund the Company's development drilling targeting the Duvernay Formation at Kaybob, Alberta. These expenditures are expected to qualify as Canadian development expenses and will be renounced in favour of the subscribers of the Flow-Through Shares effective on or before December 31, 2012.

The Flow-Through Shares issued pursuant to the Private Placement will be subject to a four-month hold period from the closing date.

Yoho is a Calgary based junior oil and natural gas company with operations focusing in West Central Alberta and northeast British Columbia. The Common Shares 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.

ADVISORY: This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning anticipated use of the proceeds of the Private Placement and the qualification of the anticipated expenditures as Canadian development expenses. Although Yoho believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Yoho can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by Yoho might change if the board of directors of Yoho determines that it would be in the best interests of Yoho to deploy the proceeds for some other purpose. Additionally, the expenditures incurred by Yoho in carrying out its development programs may not be sufficient or appropriate in satisfying its obligations to buyers of the Flow-Through Shares, in which case Yoho may be required to indemnify the holders thereof for any losses. The forward-looking statements contained in this press release are made as of the date hereof and Yoho undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

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