Sokoman Minerals Corp. Closes Non-Brokered Flow-Through Private Placement Financing and Second Tranche of Non-Flow-Through Private Placement Financing
Sokoman Minerals Corp. Closes
Non-Brokered Flow-Through Private Placement Financing and
Second Tranche of Non-Flow-Through Private Placement Financing
ST. JOHN’S, NL , December 31, 2024 / Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)
(“Sokoman” or the “Company”) is pleased to announce that further to its December 4, 2024 and
December 17, 2024 news releases the Company has closed the flow-through portion of its non-
brokered flow -through financing (the “ FT Financing”) for aggregate gross proceeds of
CAD$1,456,500.
The Company has issued 36,412,500 CAD$0.04 flow-through shares (the “FT Shares”), 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 the provisions of the Income Tax Act
(Canada).
The Company is also closing the second tranche of its non -flow-through financing (the “NFT
Financing”) and has issued an additional 700,000 non -flow-through common shares for an
aggregate total of 850,000 non-flow-through common shares or CAD$29,750.
The FT Financing has been effected with one (1) insider subscribing for CAD$10,000 or 250,000
FT Shares, that portion of the FT Financing 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 no t more than 25% of the Comp any’s market
capitalization.
In connection with the FT Financing, the Company has paid cash finders’ fees totalling
CAD$44,400, iss ued 1,110,000 non -transferable broker warrants, exercisable at CAD$0.06 for
one year, and issued 1,200,000 common shares to three finders, as permitted by the policies of
the TSX Venture Exchange (the “Exchange”).
All securities issued pursuant to the FT Financing and the NFT Financing (together the
“Financings”) are subject to a four-month and one-day hold period.
Final approval of the Financings 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 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, 202 5, and to renounce all of the Qualifying Expenditures in favour of the
subscribers of the FT Shares 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 the Fleur de Lys and Crippleback projects, and hard-dollar proceeds
for working capital.
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 agr eement, 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
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.