Sokoman Minerals Closes Financing and Announces Exercise of Warrants
Sokoman Minerals Corp. (TSXV: SIC, OTCQB: SICNF) has closed a private placement, issuing 3,770,592 units to Eric Sprott for gross proceeds of $980,354. Post-financing, Sprott controls approximately 26.1% of the company’s common shares on a non-diluted basis. The financing will bolster Sokoman's Phase 6 drill program at the Moosehead Gold Project, increasing its scope from 20,000 m to 50,000 m. Sokoman has also reported warrant exercises totaling $5.9 million and has around $15 million cash on hand, fully funding its 2021 plans.
- Successful private placement generates $980,354.
- Funding will enhance Phase 6 drill program from 20,000 m to 50,000 m.
- Positive drill intercepts reported from Moosehead Gold Project.
- Current cash position of $15 million ensures funding for 2021 activities.
- None.
Sokoman Minerals Corp. (“Sokoman” or “the Company”) (TSXV: SIC) (OTCQB: SICNF) is pleased to announce that, further to its April 13, 2021 news release, it has now closed its private placement and issued 3,770,592 units of the Company to Eric Sprott for gross proceeds of
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 3,770,592 units under the offering for total consideration of
Prior to the offering, Mr. Sprott beneficially owned or controlled 46,643,873 common shares of the Company and 7,730,089 warrants, representing approximately
The Financing was effected with one (1) insider of the Company, Eric Sprott, subscribing for
In connection with the Financing and in accordance with the TSX Venture Exchange policies, the Company will pay a
The proceeds of the Financing allow Sokoman to increase the current Phase 6 drill program at the flagship Moosehead Gold Project from 20,000 m to 50,000 m total with four drill rigs. Recent highlights from Phase 6 include significant intercepts from MH-21-141 of 4.20 m @ 64.0 g/t Au at South Pond; and from MH-21-115 of 4.60 m @ 47.0 g/t Au at Footwall Splay, and 8.10 m @ 68.70 g/t Au in the Eastern Trend Main zone. All zones remain open.
Sokoman also announces that, for the period between April 1 and May 31, 2021, the Company has seen a total of 23,691,000 warrants exercised for
About Sokoman Minerals Corp.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland & Labrador, Canada. The Company's primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired district-scale Fleur de Lys project in northwestern Newfoundland that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. Through recent acquisitions with Benton Resources Inc. (50/50 JV), Sokoman controls one of the largest land holdings in Newfoundland with over 150,000 hectares (1,500 km2) of highly prospective ground in Canada’s newest and rapidly emerging gold districts. The Company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the Company has a
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Minerals Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Sokoman Minerals Corp.
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