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Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF)("Sokoman" or the "Company") is pleased to announce that further to its December 4, 2024 news release, the Company has received conditional approval from the TSX Venture Exchange (the "Exchange") for its non-brokered flow-through and hard-dollar financing (the "Financing") and will be closing the first tranche of the Financing for aggregate gross proceeds of CAD$1,421,250.
The Company will now issue 35,400,000 CAD$0.04 flow-through 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 provisions of the Income Tax Act (Canada).
The Company is also issuing 150,000 CAD$0.035 non-flow-through common shares.
In connection with the Financings, the Company is paying cash finders' fees totaling CAD$42,000, issuing 1,050,000 non-transferable broker warrants, exercisable at CAD$0.06 for one year. And issuing 1,200,000 common shares to two finders, as permitted by the policies of the Exchange.
All securities issued pursuant to the Financing are subject to a four-month and one-day hold period.
Final approval of the Financing 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, 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 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.