Sokoman Minerals Corp. Provides a Corporate Update and Confirms Closing of Flow-through and Hard-Dollar Private Placements
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ST. JOHN'S, NL / ACCESSWIRE / 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-through 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 environment 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 advice. Mr. Laboucan does not own shares of Sokoman Minerals Corp.