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Newfoundland and Labrador

Sokoman Announces Non-Brokered – GuruFocus.com

ST. JOHN’S, NL / ACCESSWIRE / December 8, 2022 / Sokoman Minerals Corp. (TSXV:SIC, Financial)(OTCQB:SICNF) (“Sokoman” or the “Company”) today announced a non-brokered private placement of Flow-Through (“FT”) units (the “Private Placement”) for gross proceeds of up to $3,000,000 known. The private placement is expected to close on or before December 28, 2022.

The private placement is priced at $0.28 per FT unit. Each FT Unit consists of one common share of the Company and one-half common share purchase warrant (a “Warrant”), with each full Warrant being redeemable for one additional common share of the Company, each of which will not qualify as a flow-through share at an exercise price of $0.36 for 18 months from the date of issuance. The FT Shares entitle the holder to receive the tax benefits applicable to Flow-Through Shares under the provisions of the Income Tax Act (Canada).

All securities issued pursuant to the private placement will be subject to a four month and one day hold period.

In connection with the private placement, the Company may pay finder’s fees in cash in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units pursuant to the provisions of the Income Tax Act (Canada) to incur eligible “Canadian exploration expenditures” referred to as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenses”) on or before December 31, 2022.

The Company intends to spend approximately 25% of gross proceeds on the Golden Hope joint venture project (Kraken lithium pegmatite field) and the remaining balance on its flagship Moosehead Gold Project.

The Company is well funded with $4.7M in treasury to support 2023 corporate and working capital needs.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-driven company with projects in Newfoundland and Labrador, Canada. The Company’s primary focus is on its portfolio of gold projects: the Company’s 100% owned flagship Moosehead and Crippleback Lake and East Alder (option to Canterra Minerals Corporation) projects along the Central Newfoundland Gold Belt and the district-wide Fleur de Lys project in northwestern Newfoundland, targeting orogenic Dalradian-style gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland and Cononish in Scotland. The Company has also formed a strategic alliance (the “Alliance”) with Benton Resources Inc. over three major joint venture properties including Gray River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now independently and through the alliance controls over 150,000 hectares (>6,000 claims – 1,500 square kilometers), making it one of the largest landholders in Newfoundland, Canada’s newest and rapidly emerging gold district. Sokoman also retains a 1% Net Smelter Return (NSR) royalty on an early stage antimony/gold project (Startrek) in Newfoundland and in Labrador the Company holds a 100% interest in the Iron Horse (Fe) project, that has Direct Shipping Ore (DSO) potential.

Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

The Company would like to thank the Government of Newfoundland and Labrador for previous financial support of the Moosehead Project through the Junior Exploration Assistance Program.

For more information please contact:

Sokoman minerals
Timothy Froude, P.Geo., President and CEO
phone: 709-765-1726
E-mail:[email protected]

CHF capital markets
Thomas Do, IR Manager
phone: 416-868-1079×232
E-mail:[email protected]

website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMinerals

Neither the 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.

Investors are cautioned that trading in the Company’s securities should be viewed as highly speculative. Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Minerals Corp. will not update these forward-looking statements to reflect events or circumstances after the date of this release. More detailed information on potential factors that could affect financial results are included in documents issued by Sokoman Minerals Corp. from time to time. filed with Canadian securities regulators.

SOURCE: Sokoman Iron Corp

View source version on accesswire.com:
https://www.accesswire.com/730894/Sokoman-Announces-Non-Brokered-Flow-Through-Private-Placement-for-Gross-Proceeds-of-to-3M

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