St. John’s, NL, December 31, 2019 - Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX-V: SIC; OTCQB:SICNF) is pleased to announce that it has received final approval from the TSX Venture Exchange and has closed its flow-through, non-brokered private placement (the “Placement”) (previously announced on December 24, 2019) for total proceeds of $535,000 consisting of 5,350,000 Flow-Through Units (the “FT Units”) at a price of $0.10 per FT Unit. Each FT Unit consists of one flow-through common share and one half of a common share purchase warrant. Each full warrant is exercisable into one common share at a price of 20 cents per share for a period of 18 months from closing. Finders’ fees totaling $23,475 will be paid to various finders in accordance with the TSX Venture Exchange policy.
All securities issued pursuant to the Placement are subject to a four-month-and-one-day hold period. The proceeds of the financing will be used to advance the Company’s flagship Moosehead Gold Project.
Tim Froude, President and CEO of Sokoman, said: “We are grateful to see continued support and interest in our company. We have both long-time shareholders and some newly ‘converted’ investors coming into the placement, all expressing their excitement for Sokoman in 2020 and beyond. To date, Sokoman has drilled 18,600 metres at Moosehead, and with this new placement and our existing funds, we are now well-positioned to commence a substantially more aggressive drill program beginning early in 2020, which should allow us to bring Moosehead to the next level.”
About Sokoman Minerals
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland on the structural corridor hosting Marathon Gold’s Valentine Lake project (with measured resources of 1.16 million oz of gold at 2.18 g/t, indicated resources of 1.53 million oz of gold at 1.66 g/t and inferred resources of 1.53 million oz. of gold at 1.77 g/t (Marathon Gold Website) 150 km southwest of the Company’s high-grade Moosehead gold project. The Company also has a 100% interest in an early-stage antimony/gold project recently optioned to White Metal Resources, and two earlier stage gold properties along the Valentine Lake-Moosehead structural corridor. In Labrador, the Company has a 100% interest in the Iron Horse (Fe) project which is believed to host potential DSO iron deposits.
To learn more, please contact:
Timothy Froude, P. Geo.,
President & CEO
Cathy Hume, Director,
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.