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Sokoman Announces Non-Brokered Flow-Through Private Placement for Gross Proceeds of up to $3M
ST. JOHN'S, NL / ACCESSWIRE / December 8, 2022 / Sokoman Minerals Corp.(TSXV:SIC)(OTCQB:SICNF) (...
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[{"type":"text","content":"Sokoman Announces Non-Brokered Flow-Through Private Placement for Gross Proceeds of up to $3MST. JOHN'S, NL / ACCESSWIRE / December 8, 2022 / Sokoman Minerals Corp.(TSXV:SIC)(OTCQB:SICNF) (\"Sokoman\" or the \"Company\") today announced the non-brokered private placement of flow-through (\"FT\") units (the \"Private Placement\") for gross proceeds of up to $3,000,000. The Private Placement is expected to close on or before December 28, 2022.The Private Placement is priced at $0.28 per FT Unit. Each FT Unit consists of one common share of the Company and one-half of one common share purchase warrant (a \"Warrant\"), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.36 for 18 months from the date of issue. The FT Units will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).All securities issued pursuant to the Private Placement will be subject to a four-month and one-day hold period.In connection with the Private Placement, the Company may pay finders' fees in cash as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange.The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT 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, 2023, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2022.The Company intends to spend approximately 25% of the gross proceeds on the Golden Hope (Kraken Lithium Pegmatite Field) joint venture project, and the remaining balance on its flagship Moosehead Gold project.The Company is well-funded to cover corporate and working capital needs for 2023 with $4.7M in the treasury.About Sokoman Minerals Corp.Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 1...