Sokoman Minerals Corp. Closes First Tranche of Critical Mineral Flow-Through Private Placement
Sokoman Minerals Corp. Closes First Tranche
of Critical Mineral Flow-Through Private
Placement
St. John's, Newfoundland and Labrador--(Newsfile Corp. - May 7, 2025) -
Sokoman Minerals Corp.
(TSXV: SIC) (OTCQB: SICNF) ("
Sokoman
" or the "
Company
") is pleased to announce that, further to
its
April 25, 2025, news release
, the Company has filed documents with the TSX Venture Exchange (the
"Exchange") and received conditional approval for its CAD$400,000 non-brokered flow-through private-
placement financing (the "FT Financing"). Sokoman also received approval to close the first tranche of
6,000,000 FT common shares at CAD$0.05, for aggregate gross proceeds of CAD$300,000.
Timothy Froude, P. Geo., President and CEO, states,
"With spring breakup nearly complete, we're
preparing to resume work at our traditional bulk sample project. We're grateful for the continued support
from investors and the Mineral Incentive Program, which together will strengthen our treasury to
approximately CAD$1.3 million and position us well for the upcoming exploration season."
In connection with the first tranche of the FT Financing, the Company will pay cash finders' fees totalling
CAD$18,000 and 360,000 non-transferable broker warrants exercisable at CAD$0.07 for one year as
permitted by the policies of the Exchange.
All securities issued pursuant to the FT Financing are subject to a four-month and one-day hold period.
Final approval of the FT Financing is subject to Exchange approval.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of
the flow-through shares (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) on or before December 31, 2026, and to renounce all
of the qualifying expenditures in favour of the subscribers of the FT Shares.
The Company intends to spend the flow-through proceeds on the Company's exploration projects.
Sokoman Minerals wishes to thank the Government of Newfoundland and Labrador for the
CAD$150,000 received through the Mineral Incentive Program, administered by the Department of
Industry, Energy and Technology, in support of our exploration efforts.
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company and one of the largest landholders in the
province of Newfoundland and Labrador, Canada's emerging gold district. 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, targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and
Cavanacaw deposits in Northern Ireland. The Company entered a strategic alliance with Benton
Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope,
and Kepenkeck in Newfoundland.
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. For full details of the agreement, please refer to the Company's
press
release dated October 11, 2023
.
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
E:
Cathy Hume, VP Corporate Development, Director
T:
416-868-1079 x 251
E:
Website:
www.sokomanmineralscorp.com
:
@SokomanMinerals
:
@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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/251216