Sokoman Announces Over-Subscription of Non-Brokered Flow-Through Private Placement
Sokoman Announces Over-Subscription of Non-Brokered
Flow-Through Private Placement
St. John’s, NL, December 22, 2022 - Sokoman Minerals Corp. (“Sokoman” or the “Company”)
(TSXV: SIC) (OTCQB: SICNF) today announces that, due to high demand, the Company is
increasing the maximum amount for the flow-through private placement announced on December
8, 2022 (the “Private Placement”) from $3,000,000 to $4,142,752
On receipt of TSX Venture Exchange (the “Exchange”) approval , the Company will issue
14,795,544 flow -through shares units (“FT Units”) at a price of $0.28 for gross proceeds of
$4,142,752. Each FT Unit consists of one (1) common share of the Company and one half (1/2)
of one common share purchase warrant (the “FT W arrant”), with each full FT Warrant entitling
the holder to purchase one non -flow-through common share of the Company at a price of $0.36
for a period of 18 months after the closing of the Private Placement. The FT Units will entitle the
holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions
of the Income Tax Act (Canada).
All securities issued pursuant to this financing will be subject to a four-month plus one-day hold.
In connection with the Private Placement, the Company is paying finders’ fees as permitted by the
policies of the TSX Venture Exchange.
The net proceeds of the flow-through will be used for project exploration work on the Company’s
properties that it controls that will qualify for Canadian Exploration Expenses under the Income
Tax Act (Canada). The Company intends to spend approximately 25% of the gross proceeds on
the Golden Hope (Kraken Lithium Pegmatite Field) joint venture project, and the remaining
balance on its flagship Moosehead Gold project.
Tim Froude, Sokoman's President & CEO, commented: “We are very pleased to have received the
overwhelming support and participation from new and existing shareholders alike.”
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland
and Labrador, Canada. The Company's primary focus is its portfolio of gold projects; the 100 %-owned
flagship, advanced-stage Moosehead, as well as Crippleback Lake; and East Alder (optioned to Canterra
Minerals Corporation) along the Central Newfoundland Gold Belt, and the district -scale Fleur de Lys
project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian -type orogenic gold
mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also
recently entered into a strategic alliance with Benton Resources Inc. through three, large -scale, joint -
venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland.
Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (>6,000
claims – 1500 sq. km), making it one of the largest landholders in Newfoundland, in Canada’s newest and
rapidly-emerging gold districts. The Company also retains an interest in an early -stage antimony/gold
project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company
has a 100% interest in the Iron Horse (Fe) project which 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 past financial
support of the Moosehead Gold project through the Junior Exploration Assistance Program.
For more information, please contact:
Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
Thomas Do, IR Manager, CHF Capital Markets
T: 416-868-1079 x 232
Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept 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 results 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 fina ncial results is included in the documents filed from time to time
with the Canadian securities regulatory authorities by Sokoman Minerals Corp.