SOKOMAN IRON ANNOUNCES $3 MILLION FINANCING LED BY ERIC SPROTT
Puslinch, ON, July 30, 2018 – Sokoman Iron Corp. (‘Sokoman’ or ‘the Company’) (TSX-V: SIC) is pleased to announce that it intends to complete a non-brokered private placement consisting of 20,000,000 Units at a price of $0.15 per Unit for gross proceeds of up to $3,000,000, subject to approval of the TSX Venture Exchange. Each Unit will consist of one common share (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant is exercisable into one Common Share at a price of $0.25 per share for a period of two years from closing. There are three placees, Eric Sprott will subscribe for 13.35 million Units, Palisade Global will subscribe for 4.1 million Units, and Venture Ad Network will subscribe for 2.6 million Units. There are no finders fees associated with the transaction.
Timothy Froude, P. Geo., President and CEO, states: “We are very pleased to welcome Eric Sprott and Palisade Global into our family of shareholders. Eric Sprott is a renowned and respected leader in the investment community and one of the world’s premiere precious metals investors and is currently Chairman of Kirkland Lake Gold. His participation in our financing speaks to the potential of our assets, in particular the high-grade Moosehead Gold Project. Palisade Global is a leading entity in finance and development of mining interests around the world and will help advise Sokoman in delivering our story to a global audience.”
The proceeds of the financing will be used to advance the Company’s flagship Moosehead Gold Project where multiple targets remain untested as well as follow up drilling following a successful Phase I program. A portion of the funds will be directed to the Company’s other gold properties in Newfoundland, and for general working capital purposes.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101 and President and CEO of Sokoman Iron Corp.
About Sokoman Iron Corp.
Sokoman Iron Corp. (TSXV: SIC) is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its Moosehead Gold project in central Newfoundland where recent drilling in the Eastern Trend area has returned high-grade gold results from MH-18-01 highlighted by 11.90 m @ 44.96 g/t Au including 5.65 m @ 93.56 g/t Au released on July 24, 2018. (Note: reported intersection is a core length, true thickness estimated to be 80% of core length). The Company’s other assets include a portfolio of early stage gold projects in Central Newfoundland and a 100% interest in the Iron Horse (Fe/V/REE) project in Western Labrador.
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 Iron 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 Iron Corp.