Sokoman Minerals Corp. Closes Financing
Sokoman Minerals Corp. Closes Financing
ST. JOHN’S, NL December 19, 202 3 / Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)
(“Sokoman” or the “Company”) today announces that, further to its November 29, 2023 and December 6,
2023 news releases, it has filed documents with the TSX Venture Exchange seeking final approval to close their
private placement financing (the “Financing”). The Financing consists of 53,892,847 $0.065 flow-through units
(the “FT Units”) and 3,200,000 $0.065 non flow-through units (the “NFT Units”) for aggregate gross proceeds
of $3,711,035.
Each FT Unit consists of one 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),
and one-half of a common share purchase warrant (a “Warrant”), each full Warrant being exercisable for one
additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise
price of $0.13 for 12 months from the date of issue. Each NFT Unit consists of 1 common share of the
Company and 1 common share purchase warrant (the “NFT Warrants”), each NFT Warrant being exercisable
for an additional common share of the Company at an exercise price of $0.13 for 24 months from the date of
issuance.
Three (3) insiders have subscribed for $29,500 or 453,846 FT Units, that portion of the Private Placement a
“related party transaction” as such term is defined under MI-61-101 – Protection of Minority Security Holders
in Special Transactions. The Company is relying on exemptions from the formal valuation requirement of MI-
61-101 under sections 5.5(a) and (b) of MI-61-101 in respect of the transaction as the fair market value of the
transaction, insofar as it involves the interested party, is not more than 25% of the Company’ s market
capitalization.
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 is paying finders’ fees in cash and broker warrants as permitted
by the policies of the TSX Venture Exchange (the “Exchange”) as follows:
GloRes Securities Inc.: $54,795.30 and 841,620 broker warrants, exercisable at $0.10 for 12 months
Marquest Asset Management Inc.: $12,675 and 195,000 broker warrants, exercisable at $0.10 for 12 months
Castlewood Capital Corporation $24,000.60 and 369,240 broker warrants, exercisable at $0.10 for 12 months
Stonegate Securities Ltd. $24,000.60 and 369,240 broker warrants, exercisable at $0.10 for 12 months
Haywood Securities Inc. $780 and 12,000 broker warrants, exercisable at $0.10 for 12 months
CIBC Private Wealth Management $1,170 and 18,000 broker warrants, exercisable at $0.10 for 12 months
KJ Harrison Partners Inc. $1,560 and 24,000 broker warrants, exercisable at $0.10 for 12 months
Accilent Capital Management $4,500.60 and 69,240 broker warrants, exercisable at $0.10 for 12 months
RedPlug Inc. $49,920 and 768,000 broker warrants, exercisable at $0.10 for 12 months
BMO Nesbitt Burns $5,850
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 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, 2024, and to renounce all of the
Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.
The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys Gold project,
and the remaining balance on its flagship Moosehead Gold project.
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% flagship, advanced-
stage Moosehead, as well as the 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 mineraliza tion 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.
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. T he 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.
The Company also retains a 1% NSR interest in an early -stage antimony/gold project (Startrek) in
Newfoundland, optioned to Thunder Gold Corp (formerly 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 and Fleur de Lys gold projects 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
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.