Business
Sokoman Minerals Closes Subscription Receipts Financing
ST. JOHN’S, Newfoundland and Labrador / Apr 13, 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 13, 2021 / Business Wire / Sokoman Minerals Corp. (‘Sokoman’ or ‘the Company’) (TSX.V: SIC) (OTCQB: SICNF) is pleased to announce that, in addition to its non-brokered private placement (the Placement”) which closed on April 5, 2021, it has received approval from the TSX Venture Exchange (the “Exchange”) to close its subscription receipts financing (the “Subscription Receipts Financing”), each subscription receipt being issued at $0.26 and convertible into units of the Company having the same attributes as the units issued pursuant to the Placement for gross proceeds of $980,353 (the “Subscription Receipts”). The participant of the Subscription Receipts Financing is strategic investor Eric Sprott. Mr. Sprott, the Company’s largest shareholder, recently subscribed for 15,460,177 units of the Placement investing $4,019,646 which took his holdings in the Company to 19.70%. Since his participation in the Subscription Receipts Financing would have created a potential new Control Person, as that term is defined by Exchange policies, the Company will be asking shareholders to approve the creation of a new Control Person at a Special Meeting of Shareholders set for May 18, 2021. The additional Subscription Receipts Financing of $980,353 by Mr. Sprott will be held in trust until the Special Meeting of Shareholders approve the creation of his control position of greater than 20%. Mr. Sprott’s additional investment in the Company by way of this Subscription Receipts Financing, once approved by shareholders, brings his total investment in these two rounds of financings to $5,000,000 or 19,230,769 common shares and 9,615,385 warrants. The Subscription Receipts Financing was effected with one (1) insider of the Company, Eric Sprott, subscribing for $980,353 for 3,770,588 Subscription Receipts, that portion of the Subscription Receipts Financing a “related party transaction” within the meaning of Policy 5.9 of the Exchange and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In connection with the participation of the insiders, the Company intends to rely upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fa...