Sokoman Minerals Completes Vinland Shares Spin-Out

Rhea-AI Summary

Sokoman Minerals Corp (TSXV: SIC) (OTCQB: SICNF) has completed the planned spin-out of approximately half of its Vinland Lithium shares. Shareholders owning at least 8,000 Sokoman shares will receive approximately 50 Vinland shares for each 8,000 Sokoman shares held, effective April 30, 2025.

The company will distribute a total of 2,025,126 Vinland common shares while retaining 2,000,000 shares. Vinland has approximately 10,000,000 total issued shares. Benton Resources is simultaneously conducting a similar spin-out to its shareholders.

New Sokoman shares will be listed on the TSX Venture Exchange on April 29, 2025, with old shares being delisted on April 28, 2025. While Vinland shares won't be immediately listed on the Exchange, a separate listing application has been submitted.

Positive

• Shareholders receive direct ownership in Vinland Lithium through share distribution
• Sokoman maintains significant stake in Vinland with 2,000,000 shares
• Minimal disruption to trading with immediate relisting of new shares

Negative

• Shareholders with less than 8,000 shares excluded from distribution
• Vinland shares not immediately listed on any exchange, potentially limiting liquidity

St. John's, Newfoundland and Labrador--(Newsfile Corp. - April 25, 2025) - Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") announces that the Company's planned spin-out of approximately half of its shares of Vinland Lithium Inc. ("Vinland") has been completed. Accounts holding at least 8,000 Sokoman shares will see approximately 50 Vinland shares credited for each 8,000 Sokoman shares owned, with the credit effective April 30, 2025.

Details of the spin-out are contained in the Company's February 4, 2025, Management Information Circular, filed under the Company's profile on SEDAR+. Sokoman will spin-out to its shareholders a total of 2,025,126 common shares of Vinland and will continue to hold 2,000,000 Vinland shares. Vinland has approximately 10,000,000 issued shares. Benton Resources Inc. is concurrently spinning out the same number of Vinland shares to its shareholders. Sokoman shares after the spin-out, herein "New Sokoman" shares, are identical to Sokoman shares currently listed ("Old Sokoman"), except that they are post-spin-out of Vinland. New Sokoman shares have a new identifying security number, CA83410N1096.

No Vinland shares will be listed on the TSX Venture Exchange (the "Exchange") upon closing the Plan of Arrangement; however, Vinland has made a separate application to the Exchange for listing the Vinland shares. The New Sokoman common shares will be listed on the Exchange at market open on Tuesday, April 29, 2025, and the Old Sokoman common shares will be delisted from the Exchange effective close of business on April 28, 2025. Accounts holding less than 8,000 Sokoman shares will not participate in the Vinland share distribution.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company and one of the largest landholders in the province of Newfoundland and Labrador, Canada's emerging gold district. The Company's primary focus is its portfolio of gold projects; the 100%-owned flagship, advanced-stage Moosehead, Crippleback Lake, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company entered a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland.

In October 2023, Sokoman and Benton completed an agreement with Piedmont Lithium Inc., a major developer of lithium projects and processing plants in the USA, and exactly the right partner to have to advance the lithium project. For full details of the agreement, please refer to the Company's press release dated October 11, 2023.

Projects optioned with optionee fully vested are:

• East Alder Project optioned to Canterra Minerals Inc. (SIC retains shares of CTM plus 1% NSR)
• Startrek Project optioned to Thunder Gold (SIC retains shares of TGOL plus 1% NSR)

For more information, please contact:

Timothy Froude, P.Geo., President & CEO
T: 709-765-1726
E: tim@sokomanmineralscorp.com

Cathy Hume, VP Corporate Development, Director
T: 416-868-1079 x 251
E: cathy@chfir.com

Website: www.sokomanmineralscorp.com
Twitter: @SokomanMinerals
Facebook: @SokomanMinerals
LinkedIn: @SokomanMineralsCorp

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.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249781

FAQ

How many Vinland shares will SICNF shareholders receive in the spin-out?

Shareholders holding at least 8,000 Sokoman shares will receive approximately 50 Vinland shares for each 8,000 shares owned.

When will the new Sokoman (SICNF) shares begin trading after the Vinland spin-out?

The new Sokoman shares will begin trading on the TSX Venture Exchange on April 29, 2025.

How many Vinland shares will Sokoman retain after the spin-out?

Sokoman will retain 2,000,000 Vinland shares after distributing 2,025,126 shares to shareholders.

Will Vinland shares be listed on the TSX Venture Exchange after the spin-out?

No, Vinland shares won't be immediately listed, but the company has submitted a separate application for listing.