Sokoman Minerals Spins-out Shares of Vinland Lithium Inc.
Sokoman Minerals Spins-out Shares of
Vinland Lithium Inc.
St. John's, Newfoundland and Labrador--(Newsfile Corp. - April 21, 2025) -
Sokoman Minerals Corp.
(TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") announces that at its annual shareholder
meeting held March 21, 2025, Sokoman shareholders approved 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 shareholders concurrently approved a similar 2 million share spin-out. The
TSX Venture Exchange has now approved the listing of the approximately 10 million issued shares of
Vinland, of which approximately 40% will be in the hands of Benton and Sokoman shareholders.
The spin-outs are substantially pro rata to Benton and Sokoman shareholders. The exchange ratio is
approximately 50 Vinland shares per 8,000 Sokoman shares. Accounts holding less than 8,000
Sokoman shares will not receive Vinland shares as the immediate and ongoing administration and
compliance costs for very small odd-lot Vinland shareholders would be prohibitive.
The Company expects the distribution of the Vinland Shares to its shareholders to occur on or around
April 30, 2025.
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
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
Benton and Sokoman a total of CAD$10.0M in Piedmont Lithium Inc. shares in addition to having
funded all the Vinland exploration and development costs
Benton and Sokoman to collectively retain a 2% NSR on the Killick project
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
.
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 the 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)
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/249168