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ST. JOHN'S, NL / ACCESSWIRE / December 4, 2024 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF)("Sokoman" or the "Company") today announces a non-brokered private placement of flow-through ("FT") shares (the "Private Placement") for gross proceeds of up to CAD$1,500,000. The Private Placement is expected to close on or before December 16, 2024.
The Private Placement is priced at CAD$0.04 per FT share, 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 provisions of the Income Tax Act (Canada).
The Company also announces a non-flow-through CAD$0.035 share financing (the "NFT Financing") for aggregate gross proceeds of up to CAD$250,000.
All securities issued pursuant to the FT Financing and the NFT Financing (together the "Financings") will be subject to a four-month and one-day hold period.
In connection with the Financings, the Company may pay finders' fees in cash and broker warrants as permitted by the policies of the TSX Venture Exchange (the "Exchange"). The Financings are 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, 2025, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units 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 Fleur de Lys and Crippleback, and hard-dollar proceeds for working capital.
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%-owned flagship, advanced-stage Moosehead, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company 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 is one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.