VANCOUVER, British Columbia, Nov. 15, 2001 (PRIMEZONE) -- Soho Resources Corp., ("Soho" or the "Company") (CDNX:SOH), today announced that the Company has negotiated a debt settlement with creditors of Soho involving the issuance of up to 1,296,994 common shares of the Company at a price of $0.35 per share, in full satisfaction of $453,948 of debt. Soho has also negotiated a debt settlement with creditors of Huntford Resources Corporation ("Huntford") involving the potential issuance of approximately 722,940 common shares of the Company at a price of C$0.35 per share, in full satisfaction of US$161,165 of debt (approximately C$253,029). In the case of Huntford creditors the debt settlement will become effective upon Soho obtaining regulatory approval to the Soho/Huntford Arrangement Agreement whereby Huntford will become a wholly owned subsidiary of Soho.
Shares issued pursuant to this settlement will be subject to a minimum four-month hold period commencing from the date of issuance.
This debt settlement is subject to the approval of the Canadian Venture Exchange.
About Soho Resources Corp.
Soho Resources Corp. is an oil and gas exploration company actively exploring prospects in the Williston and Uintah Basins in the United States, and in the Michigan Basin of Canada. Both directly and indirectly, Soho holds varying interests in four projects, including Quest project in Utah (3% to 21.4% interest), the Sundance project in North Dakota (37.5% interest), the Phoenix Project in southern Ontario (100% interest) and the Wolverine Prospect in North Dakota (100% interest).
Note: The Canadian Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.