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Sokoman Minerals Spins-out Shares of Vinland Lithium Inc.
St. John's, Newfoundland and Labrador--(Newsfile Corp. - April 21, 2025) - Sokoman Minerals Corp...
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[{"type":"text","content":"Sokoman Minerals Spins-out Shares of Vinland Lithium Inc.St. John's, Newfoundland and Labrador--(Newsfile Corp. - April 21, 2025) - Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) (\"Sokoman\" or the \"Company\") announces that at its annual shareholder meeting held March 21, 2025, Sokoman shareholders approved 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. (40%) and Piedmont Lithium Newfoundland Holdings LLC (Piedmont), a wholly owned subsidiary of NASDAQ-listed Piedmont Lithium Inc. (20%). Benton shareholders concurrently approved a similar 2 million share spin-out. The TSX Venture Exchange has now approved the listing of the approximately 10 million issued shares of Vinland, of which approximately 40% will be in the hands of Benton and Sokoman shareholders.The spin-outs are substantially pro rata to Benton and Sokoman shareholders. The exchange ratio is approximately 50 Vinland shares per 8,000 Sokoman shares. Accounts holding less than 8,000 Sokoman shares will not receive Vinland shares as the immediate and ongoing administration and compliance costs for very small odd-lot Vinland shareholders would be prohibitive.The Company expects the distribution of the Vinland Shares to its shareholders to occur on or around April 30, 2025. Some of the key points for shareholders are as follows:The Killick Lithium Project holds excellent discovery potential in a newly discovered lithium belt Piedmont, 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 hold 19.9% Piedmont Lithium Inc. is one of North America's leading lithium companiesNewfoundland is ranked as one of the top jurisdictions to explore and develop mineral potential Piedmont Lithium Inc. has vast technical and geological knowledge in similar geology to that of Kraken pegmatitesVinland holds indirectly, through its subsidiary Killick Lithium Inc., a 100% interest in the Killick Lithium ProjectPiedmont will have the option to earn up to a 62.5% direct interest in Killick Lithium Inc. by spending CAD$12.0M in ex...