Sokoman Minerals Corp. Reschedules Meeting, Files Amended Meeting Materials
Sokoman Minerals Corp. Reschedules
Meeting, Files Amended Meeting Materials
St. John's, Newfoundland and Labrador--(Newsfile Corp. - February 12, 2025) -
Sokoman Minerals
Corp.
(TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") announces that, further to its
November 25, 2024 news release
, and as a result of the Canada Post strike, it has filed AMENDED
Management Proxy Materials under its profile on
sedarplus.ca
for its annual and special meeting of
shareholders (the "
Meeting
"). The Meeting is set to be held March 21, 2025 in Vancouver, BC. At the
Meeting Sokoman shareholders will be asked to approve a special resolution (two-thirds of votes cast)
to reorganize Sokoman's share capital to facilitate a spin-out to shareholders of approximately 2 million
of Sokoman's 4 million shares of Vinland Lithium Inc. ("Vinland"). Vinland holds the Killick Lithium Project
and is currently owned by Sokoman (40%), Benton Resources Inc. (40%), and Piedmont Lithium
Newfoundland Holdings LLC ("Piedmont"), a wholly-owned subsidiary of NASDAQ-listed Piedmont
Lithium Inc., (20%). Benton will concurrently seek approval of its shareholders for a similar 2 million share
spin-out. Subject to the two spin-outs completing, the TSX Venture Exchange has conditionally agreed to
list the approximately 10 million issued shares of Vinland of which approximately 40% will be in the
hands of Sokoman and Benton shareholders.
The record date for voting at the meeting is January 20, 2025; however, the record date for participation
in the spin-out will be determined only after shareholders approve the special spin-out resolution.
The
record date for participating in the spin-out will be reflected in a notice bulletin issued by the TSX
Venture Exchange when it sets the spin-out ex-participation trading date for Sokoman shares.
The spin-outs will be substantially pro rata to Sokoman and Benton shareholders; however, the exact
ratio of Vinland share per Sokoman share will be determined prior to completion in March 2025. The
exchange ratio is dependent on the number of Sokoman shares issued at the time of completion. The
ratio is expected to be approximately 50 Vinland shares per 8,000 Sokoman shares. Accounts holding
less than 8,000 Sokoman shares (having an approximate CAD$320 market value) will not receive
Vinland shares as the immediate and ongoing administration and compliance costs for very small odd-
lot Vinland shareholders would be prohibitive.
Some of the key points for shareholders are as follows:
The Killick Lithium Project holds excellent discovery potential in a newly discovered lithium belt
Piedmont, a wholly-owned subsidiary of NASDAQ-listed Piedmont Lithium Inc., completed a 2023
financing in Vinland of CAD$2.0M @ CAD$1.00 per share to hold 19.9%
Piedmont Lithium Inc. is one of North America's leading lithium companies
Newfoundland is ranked as one of the top jurisdictions to explore and develop mineral potential
Piedmont Lithium Inc. has vast technical and geological knowledge in similar geology to that of the
Kraken pegmatites
Vinland holds indirectly, through its subsidiary Killick Lithium Inc., a 100% interest in the Killick
Lithium Project
Piedmont will have the option to earn up to a 62.5% direct interest in Killick Lithium Inc. by
spending CAD$12.0M in exploration and development during the period of the option
Upon Piedmont completing all earn-in options, Piedmont/Piedmont Lithium Inc. will have paid
Sokoman and Benton a total of CAD$10.0M in Piedmont Lithium Inc. shares in addition to having
funded all the Vinland exploration and development costs
Sokoman and Benton to collectively retain a 2% NSR on the Killick Lithium Project
In addition to the spin-out resolution, Sokoman shareholders who attend the Meeting will attend to annual
matters, including consideration of Sokoman's June 30, 2024, audited financial statements, the election
of directors, appointment of auditors, and approval of Sokoman's stock option plan.
Full details of the spin-out and the other annual matters are contained in a management information
circular dated February 4, 2025, and filed under the Company's profile on sedarplus.ca. This circular
contains detailed information on Vinland as a stand-alone company. The completion of the spin-out
remains uncertain at this time.
QP
Timothy Froude (P.Geo.), a qualified person under National Instrument 43-101, and president and chief
executive officer of Sokoman, has approved the scientific and technical disclosure in this news release
and prepared or supervised its preparation.
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.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause
actual events or results to differ from those reflected in the forward-looking statements, including,
without limitation: risks related to failure to obtain adequate financing on a timely basis and on
acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks
associated with mining and exploration; risks related to the maintenance of stock exchange listings;
and other risks and uncertainties related to the Company's prospects, properties and business
detailed elsewhere in the Company's disclosure record. Investors are cautioned against attributing
undue certainty to forward-looking statements. These forward-looking statements are made as of the
date hereof and the Company does not assume any obligation to update or revise them to reflect new
events or circumstances. Actual events or results could differ materially from the Company's
expectations or projections.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/240566