Yoho Resources Inc.

Yoho Resources Inc.

February 02, 2012 08:30 ET

Yoho Resources Inc. Announces Exercise of Over-Allotment Option

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2012) -


Yoho Resources Inc. ("Yoho" or the "Company") (TSX VENTURE:YO) is pleased to announce the full exercise and closing of the over-allotment option (the "Over-Allotment Option") granted by the Company to a syndicate of underwriters led by FirstEnergy Capital Corp. and including Acumen Capital Finance Partners Limited, Haywood Securities Inc., Paradigm Capital Inc., Peters & Co. Limited and CIBC World Markets Inc. (collectively, the "Underwriters") whereby an additional 681,825 common shares of the Company ("Common Shares") have been issued at an issue price of $3.30 per share, for gross proceeds of $2,250,022. The Over-Allotment Option was granted to the Underwriters in connection with the Company's public offering of 4,545,500 Common Shares at an issue price of $3.30 per share (the "Offering") which closed on January 4, 2012. The aggregate gross proceeds received by the Company pursuant to the Offering and the Over-Allotment Option is $17,250,172.

The net proceeds from the Common Shares issued pursuant to the Over-Allotment Option will be used to initially reduce Yoho's existing bank indebtedness and to fund Yoho's exploration and development program.

Yoho 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 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 the anticipated use of the net proceeds of the funds received by the Company pursuant to the Common Shares sold on the exercise of the Over-Allotment Option. 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 net proceeds received by the Company from the Common Shares sold on the exercise of the Over-Allotment Option, 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. 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