Sokoman Minerals Corp. Files for Final Approval of Non-Brokered Flow-Through Private-Placement Financing

Rhea-AI Summary

Sokoman Minerals Corp. (SICNF) has filed for final TSX Venture Exchange approval of its non-brokered flow-through private placement financing. The company has already closed the first tranche on April 30, 2025, issuing 6 million flow-through common shares, and upon Exchange approval, will issue an additional 2 million shares. The total financing will comprise 8 million flow-through common shares for gross proceeds of CAD$400,000. The company will pay CAD$24,000 in total finders' fees and issue 480,000 non-transferable broker warrants exercisable at CAD$0.07 for one year. The proceeds will be used for eligible Canadian exploration expenses on the company's projects, with expenditures to be completed by December 31, 2026.

Positive

• Secures CAD$400,000 in financing for exploration projects
• Successfully closed first tranche of 6 million shares
• Funds will qualify for flow-through tax benefits for investors

Negative

• Potential dilution from issuance of 8 million new shares
• Additional dilution possible from 480,000 broker warrants
• Relatively small financing amount may require additional future funding

St. John's, Newfoundland and Labrador--(Newsfile Corp. - June 10, 2025) - Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to announce that, further to its May 7, 2025, news release, the Company has filed documents with the TSX Venture Exchange (the "Exchange") seeking final approval for its non-brokered flow-through private-placement financing (the "FT Financing").

On April 30, 2025, the Company closed the first tranche of the FT Financing, issuing 6,000,000 flow-through common shares. On receipt of Exchange approval, the Company will issue a further 2,000,000 flow-through common shares, for a total of 8,000,000 flow-through common shares issued for aggregate gross proceeds of CAD$400,000.

In connection with the FT Financing, the Company will pay a further CAD$6,000 in cash finders' fees on the second and final tranche for a total of CAD$24,000 and issue 480,000 non-transferable broker warrants exercisable at CAD$0.07 for one year as permitted by the policies of the Exchange.

All securities issued pursuant to the FT Financing 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 shares (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) on or before December 31, 2026, and to renounce all of the qualifying expenditures in favour of the subscribers of the FT Shares.

The Company intends to spend the flow-through proceeds on the Company's exploration projects.

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, including the 100%-owned flagship, advanced-stage Moosehead project, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland. These projects target 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: tim@sokomanmineralscorp.com

Cathy Hume, VP Corporate Development, Director 
T: 416-868-1079 x 251
E: cathy@chfir.com

Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255131

FAQ

What is the total size of Sokoman Minerals (SICNF) flow-through financing?

The total financing consists of 8 million flow-through common shares for gross proceeds of CAD$400,000

When will Sokoman Minerals need to spend the flow-through proceeds?

The company must spend the proceeds on eligible Canadian exploration expenses by December 31, 2026

What are the terms of the broker warrants in Sokoman's financing?

The company will issue 480,000 non-transferable broker warrants exercisable at CAD$0.07 for one year

How many shares were issued in the first tranche of SICNF's financing?

The first tranche closed on April 30, 2025, consisted of 6 million flow-through common shares

What is the hold period for securities issued in this financing?

All securities issued are subject to a four-month and one-day hold period