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Sokoman Minerals Corp. to Seek Shareholders Approval to Spin-out Shares of Vinland Lithium Inc
ST. JOHN'S, NL / ACCESSWIRE / November 25, 2024 / Sokoman Minerals Corp. ("Sokoman" or the "Co...
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[{"type":"text","content":"Sokoman Minerals Corp. to Seek Shareholders Approval to Spin-out Shares of Vinland Lithium IncST. JOHN'S, NL / ACCESSWIRE / November 25, 2024 / Sokoman Minerals Corp. (\"Sokoman\" or the \"Company\") (TSXV:SIC) announces that it has filed Management Proxy Materials under its profile on sedarplus.ca for its annual and special general meeting of shareholders (the \"Meeting\"). The meeting is currently set to be held on January 8, 2025, in Vancouver, BC, although the actual date is likely to change as a result of the Canadian postal strike. At the Meeting, Sokoman shareholders will be asked to approve a special resolution (two-thirds of votes cast) to reorganize Sokoman's share capital to facilitate a spin-out to shareholders of approximately 2 million of Sokoman's 4 million shares of Vinland Lithium Inc. (\"Vinland\"). Vinland holds the Killick Lithium Project and is currently owned by Sokoman (40%), Benton Resources Inc. (\"Benton\") (40%) and Piedmont Lithium Newfoundland Holdings LLC (\"Piedmont\"), a wholly-owned subsidiary of NASDAQ-listed Piedmont Lithium Inc. (20%). Benton will concurrently seek the approval of its shareholders for a similar 2 million share spin-out. Subject to the two spin-outs being completed, the TSX Venture Exchange has conditionally agreed to list the approximately 10 million issued shares of Vinland, of which approximately 40% will be in the hands of Sokoman and Benton shareholders.The spin-outs will be substantially pro rata to Sokoman and Benton shareholders; however, the exact ratio of Vinland share per Sokoman share will be determined prior to completion in January 2025. The exchange ratio is dependent on the number of Sokoman shares issued at the time of completion. The ratio is expected to be approximately 50 Vinland shares per 8,000 Sokoman shares. Accounts holding less than 8,000 Sokoman shares (having an approximate $320 market value) will not receive Vinland shares as the immediate and ongoing administration and compliance costs for very small odd-lot Vinland shareholders would be prohibitive.Some of the key points for shareholders are as follows:The Killick Lithium Project holds excellent discovery potential in a newly discovered lithium beltPiedmont, a wholly-owned subsidiary of NASDAQ-listed Piedmont Lithium Inc., completed a 2023 financing in Vinland of CAD$2.0M @ CAD$1.00 per share to h...