Sokoman Minerals Corp. Announces Non-Brokered Flow-through Private Placement and Hard Dollar Financing
Sokoman Minerals Corp. Announces
Non-Brokered Flow-through Private Placement
and Hard Dollar Financing
ST. JOHN’S, NL , December 4, 2024 / Sokoman Minerals Corp. (TSXV: SIC) (OTCQB:
SICNF) (“Sokoman” or the “Company”) today announces a non-brokered private placement of
flow-through (“FT”) shares (the “Private Placement”) for gross proceeds of up to CAD$1,500,000.
The Private Placement is expected to close on or before December 16, 2024.
The Private Placement is priced at CAD$0.04 per FT share, with each flow-through common share
of the Company entitling the holder to receive the tax benefits applicable to flow -through shares
in accordance with provisions of the Income Tax Act (Canada).
The Company also announces a non-flow-through CAD$0.035 share financing (the “NFT
Financing”) for aggregate gross proceeds of up to CAD$250,000.
All securities issued pursuant to the FT Financing and the NFT Financing (together the
“Financings”) will be subject to a four-month and one-day hold period.
In connection with the Financings, the Company may pay finders’ fees in cash and broker warrants
as permitted by the policies of the TSX Venture Exchange (the “Exchange”). The Financings are
subject to Exchange approval.
The Company will use an amount equal to the gross proceeds received by the Company from the
sale of the FT shares, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible
“Canadian exploration expenses” that qualify as “flow-through mining expenditures” as both terms
are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”) on or before
December 31, 2025, and to renounce all of the Qualifying Expenditures in favour of the subscribers
of the FT Units effective December 31, 2024.
The Company intends to spend CAD$1,000,000 of the flow-through proceeds on the Moosehead
gold property, the balance on Fleur de Lys and Crippleback, and hard-dollar proceeds for working
capital.
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, Crippleback Lake, and the
district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, which is
targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw
deposits in Northern Ireland. The Company 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 is one of the largest landholders in Newfoundland, in
Canada's newest and rapidly emerging gold districts.
In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a
major developer of lithium projects and processing plants in the USA, and exactly the right partner
to have to advance the lithium project. The agreement provides for Piedmont to earn up to 62.5%
of the Killick Lithium Project (formerly Golden Hope project) by funding up to $12 million in
exploration expenses and issuing $10 million common shares in three stages. The Killick Lithium
Project has been transferred to Killick Lithium Inc. (Killick), a 100%-owned subsidiary of Vinland
Lithium Inc. (Vinland). Newly created Vinland has received $2 million in financing from
Piedmont for a 19.9% interest, with the balance of ownership between Sokoman and Benton.
Sokoman and Benton will continue to operate the exploration efforts at Killick through the earn -
in stages. Sokoman and Benton will retain a royalty of 2% NSR on future production. Piedmont
will have exclusive marketing rights for the promotion and sale of any lithium products produced
from the project on a life-of-mine basis, and the right of first refusal on 100% offtake rights to the
lithium concentrates.
Projects optioned with optionee fully vested are:
• East Alder Project optioned to Canterra Minerals Inc. (SIC retains shares of CTM plus
1% NSR)
• Startrek Project optioned to Thunder Gold (SIC retains shares of TGOL plus 1% NSR)
The Company would like to thank the Government of Newfoundland and Labrador for the
financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration
Assistance Program during the past few years.
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
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) 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 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 financial results is included in the documents filed from time to time
with the Canadian securities regulatory authorities by Sokoman Minerals Corp.
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