Sokoman Minerals Updates Shareholders on Vinland Shares Spin-Out

Rhea-AI Summary

Sokoman Minerals has completed its planned spin-out of Vinland Lithium shares. Here are the key details:

• Shareholders owning at least 8,000 Sokoman shares will receive approximately 50 Vinland shares for each 8,000 shares held
• The credit becomes effective May 7, 2025
• Sokoman will distribute 2,025,126 Vinland common shares to shareholders
• Sokoman will retain 2,000,000 Vinland shares
• Vinland has approximately 10,000,000 total issued shares

Important trading updates:

• New Sokoman shares will have the security number CA83410N1096
• New Sokoman shares will be listed on May 6, 2025
• Old Sokoman shares will be delisted on May 5, 2025
• Shareholders with less than 8,000 shares will not receive Vinland shares

Benton Resources will spin out the same number of Vinland shares to its shareholders. While Vinland shares won't be listed immediately, a separate exchange listing application has been made.

Positive

• Sokoman will retain 2,000,000 Vinland shares after the spin-out, maintaining significant exposure to lithium assets
• Shareholders owning 8,000+ Sokoman shares will receive approximately 50 Vinland shares for each 8,000 shares owned
• Vinland has made application for separate stock exchange listing, potentially creating additional value for shareholders

Negative

• Small shareholders (less than 8,000 shares) will not participate in Vinland share distribution
• Vinland shares will not be immediately listed on the exchange after the spin-out
• Dilution of lithium asset exposure as Sokoman reduces its Vinland ownership from ~40% to ~20% of total Vinland shares

St. John's, Newfoundland--(Newsfile Corp. - April 28, 2025) - Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") further to its April 25, 2025 news release, the Company announces that its planned spin-out of approximately half of its shares of Vinland Lithium Inc. ("Vinland") has been completed. Accounts holding at least 8,000 Sokoman shares will see approximately 50 Vinland shares credited for each 8,000 Sokoman shares owned with the credit effective May 7, 2025.

Details of the spin-out are contained in the Company's February 4, 2025 management Information Circular, filed under the Company's profile on SEDAR+. Sokoman will spin-out to its shareholders a total of 2,025,126 common shares of Vinland and will continue to hold 2,000,000 Vinland shares. Vinland has approximately 10,000,000 issued shares. Benton Resources Inc. is spinning out the same number of Vinland shares to its shareholders. Sokoman shares after the spin-out, herein "New Sokoman" shares, are identical to Sokoman shares currently listed ("Old Sokoman"), except that they are post-spin-out of Vinland. New Sokoman shares have a new identifying security number CA83410N1096.

No Vinland Shares will be listed on the Exchange on closing of the Plan of Arrangement; however, Vinland has made a separate application to the Exchange for listing of the Vinland Shares. The Sokoman New Common Shares will be listed on the Exchange at market open on Tuesday May 6, 2025, and the Sokoman Old Common Shares will be delisted from the Exchange effective close of business Monday May 5, 2025. Accounts holding less than 8,000 Sokoman shares will not participate in the Vinland share distribution.

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 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: 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.

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/250038

FAQ

How many Vinland Lithium shares will Sokoman Minerals (SICNF) shareholders receive in the May 2025 spin-out?

Sokoman Minerals shareholders owning at least 8,000 shares will receive approximately 50 Vinland Lithium shares for each 8,000 Sokoman shares held, with credits effective May 7, 2025.

When will the new Sokoman Minerals (SICNF) shares start trading after the Vinland spin-out?

The new Sokoman Minerals shares (SICNF) will begin trading on the Exchange on Tuesday, May 6, 2025, while the old shares will be delisted at close of business on Monday, May 5, 2025.

What happens to Sokoman Minerals (SICNF) shareholders who own less than 8,000 shares?

Shareholders owning less than 8,000 Sokoman Minerals shares will not participate in the Vinland Lithium share distribution.

How many Vinland shares will Sokoman Minerals (SICNF) retain after the 2025 spin-out?

Sokoman Minerals will continue to hold 2,000,000 Vinland shares after spinning out 2,025,126 shares to its shareholders. Vinland has approximately 10,000,000 total issued shares.

Will Vinland Lithium shares be listed on the Exchange after Sokoman's (SICNF) spin-out?

Vinland Lithium shares will not be listed on the Exchange immediately after the spin-out, but Vinland has submitted a separate application for listing its shares.