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Sokoman Minerals Closes C$5.52 Million Non-Brokered Private Placement Led by Eric Sprott
ST. JOHN’S, Newfoundland and Labrador / Apr 06, 2021 / Business Wire / Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX.V: SIC) (OTCQB: SICNF) is please
About this update from Pirate Gold Corp
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Apr 06, 2021 / Business Wire / Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX.V: SIC) (OTCQB: SICNF) is pleased to announce that, further to its March 19, 2021 and March 30, 2021 news releases, it has received approval from the TSX Venture Exchange (the “Exchange”) to close its non-brokered $0.26 Unit private placement financing (the “Financing”) for gross proceeds of $5,519,646. The participants of the Financing are strategic, long-term investors including Eric Sprott and Robert Moriarty. The Company will now issue 21,229,408 units (the “Units”) each Unit consisting of 1 common share of the Company and ½ of a common share purchase warrant (the “Warrants”) with each full warrant being exercisable for an additional common share of the Company at an exercise price of $0.40 for a period of 24 months. All securities issued pursuant to the Financing are subject to a 4-month hold, expiring August 6, 2021. Eric Sprott, the Company’s largest shareholder, has subscribed for 15,460,177 Units, investing $4,019,646 in the Financing. As this investment by Mr. Sprott has the potential to create a new Control person ( as that term is defined by Exchange policies) Mr. Sprott has undertaken not to exercise any warrants that he owns or controls which after exercise would take his ownership and control level above 20% of the shares outstanding until such time as the Company’s shareholders have, pursuant to a special meeting of shareholders scheduled for May 18, 2021, passed a resolution approving Mr. Sprott of becoming a Control person (the “Special Meeting”). As disclosed in its March 30, 2021 news release, in addition to the Financing the Company intends on completing a subscription receipts financing (the “Subscription Receipts Financing”) with Mr. Sprott to raise an additional $980,353, such funds to be held in trust pending closing of the Subscription Receipts Financing. Pursuant to the Subscription Receipts Financing, each subscription receipt will be issued at a price of $0.26 and after obtaining shareholder approval at the Special Meeting for Mr. Sprott to exceed the 20% threshold, each subscription receipt will be converted automatically into units having the same terms as the Financing with each unit consisting of one (1) common share in the capital of the Company and one half (½) of a co...