Sokoman Announces Closing of Non-Brokered Private Placement
Sokoman Announces Closing of Non-Brokered Private Placement
St. John’s, NL, December 16, 2020 - Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX .V: SIC)
(OTCQB: SICNF) today announces that it has received approval from the TSX Venture Exchange to close
its non -brokered private placement of flow -through shares (the “Private Placement”) announced on
December 2, 2020.
The Company will issue 15,000,000 flow-through shares at a price of $0.20 per flow -through share for
aggregate gross proceeds of $3,000,000. The flow-through shares will entitle the holder to receive the tax
benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
In connection with the private placement, the Company will pay $ 164,397 in finders’ fees and will issue
764,550 broker warrants exercisable at $0.20 for 12 months from the date of issue, as permitted by the
policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be
subject to a four-month hold period.
Sokoman would like to thank all the participants and interested p arties for the overwhelming support in
this Private Placement. The proceeds of the financing will be directed towards advancing the Company’s
flagship Moosehead Gold Project. Sokoman is continuing with its Phase 6 drill program at Moosehead and
after taking a break for Christmas holidays, it will resume drilling in early 2021 with multiple high-priority
targets yet to be tested. With the necessary funds in place, the Company plans on expanding the program
beyond initially announced 10,000 m.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery -oriented company with projects in Newfoundland & Labrador,
Canada. The Company's primary focus is its portfolio of gold projects (Moosehead, Crippleback Lake and
East Alder) in Central Newfoundland on the structural co rridor hosting Marathon Gold's Valentine Lake
project. Valentine Lake is reported to host estimated Proven and Probable Mineral Reserves of 1.87 Moz
(41.05 Mt at 1.41 g/t Au), and Total Measured and Indicated Mineral Resources (inclusive of the Mineral
Reserves) of 3.09 Moz (54.9 Mt at 1.75 g/t Au). Additional Inferred Mineral Resources are 0.96 Moz (16.77
Mt at 1.78 g/t Au). Reserves and resource totals for the Valentine Lake Project are taken from the
Marathon Gold website, November 16, 2020.
The Company also has a 100% interest in an early-stage antimony/gold project in Newfoundland optioned
to White Metal Resources Inc. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project.
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 financial support
of the project through the Junior Exploration Assistance Program. Sokoman has been approved for
funding for a portion of 2020 exploration activities.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
Cathy Hume, Director,
Investor Relations
Website:
www.sokomanmineralscorp.com
709-765-1726 416-868-1079 x251 Twitter: @SokomanMinerals
[email protected] [email protected] Facebook: @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 securities of the Corporation should be considered highly
speculative. Except for historical information contained herein, this news release contains forward -
looking statements that involve risks and uncertainties. Actual resu lts may differ materially. Sokoman
Minerals Corp. will not update these forward -looking statements to reflect events or circumstances
after the date hereof. More detailed information about potential factors that could affect financial
results is included i n the documents filed from time to time with the Canadian securities regulatory
authorities by Sokoman Minerals Corp.