Sokoman Minerals Corp. Provides a Corporate Update and Confirms Closing of Flow-through and Hard-Dollar Private Placements
Sokoman Minerals Corp. Provides a Corporate Update and Confirms Closing
of Flow-through and Hard-Dollar Private Placements
ST. JOHN’S, NL January 29, 2024 / Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)
(“Sokoman” or the “Company”) announces that it received final regulatory approval and has closed both
its flow-though and non-flow-through private placement financings (together the “Financings”) issuing
53,892,847 flow-through units and 3,200,000 non-flow-through units at CAD$0.065 each for aggregate
gross proceeds of CAD$3,711,035.
Details of the Financings set out in the Company’s December 19, 2023 news release remain unchanged.
All securities issued pursuant to the Financings are subject to a four-month and one-day hold period.
The Company will use an amount equal to the gross proceeds received by the Company from the sale of
the flow-through 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 flow-through units
effective December 31, 2023.
Tim Froude, President and CEO of Sokoman Minerals explained that: “The Company intends to undertake
a proposed 2,500 m winter drilling program on the flagship Moosehead Gold project, which will commence
in about three weeks and will focus on the recently discovered 552 Zone where improved grades and some
visible gold has been seen in recent drilling. Drilling is planned to test the down-plunge extent of the 552
Zone and should also intersect any parallel structures, including extensions to the 253 Zone where previous
drilling returned 1.56 g/t Au over 1.60 m. Moosehead will require about 75% of the exploration funds
raised. Additional drilling will follow based on the results of the winter program. The remaining 25% of the
funding will be used for additional prospecting, sampling , and drilling on the 100% -owned Fleur de Lys
Gold project where a very angular, visible gold-bearing float was recently discovered at the Golden Bull
prospect. A recent site visit to the property confirmed that logging activities performed by a local timber
harvester are creating more and better access and a safer and improved work env ironment across the
property, possibly exposing new gold occurrences.”
Sponsorship Agreement
RocksAndStocksNews (“R&S”) is a private entity owned and operated by Allan Barry Laboucan. He is
based in Mexico , operating an online portal for precious metals and mining stocks. R&S distributes
Sokoman’s news releases along with comments and/or opinions on its YouTube channel. The sponsorship
agreement extends for 12 months for a total of CAD$30,000 that expires on October 31, 2024 .
Mr. Laboucan did not receive shares or options as compensation. At the time of the agreement, R&S and
the Company were unrelated and unaffiliated entities. No buying or selling recommendations are made, no
price projections on Sokoman are given nor any financial advic e. Mr. Laboucan does not own shares of
Sokoman Minerals Corp.
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 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, more than 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. 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 (i) a 1% NSR interest in an early -stage antimony/gold project (Startrek) in
Newfoundland, optioned to Thunder Gold Corp. (TSXV: TGOL) (formerly White Metal Resources Inc.),
(ii) a 1% NSR with buyback of 0.5% for $1,000,000 to Sokoman , optioned to Canterra Minerals Corp .
(TSXV: CTM). Sokoman 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.
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.