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Sokoman Minerals Corp. to Seek Shareholders Approval to Spin-out Shares of Vinland Lithium Inc

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Sokoman Minerals (TSXV:SIC) announces plans for a shareholder meeting on January 8, 2025, seeking approval to spin out approximately 2 million shares of Vinland Lithium. Vinland, which holds the Killick Lithium Project, is currently owned by Sokoman (40%), Benton Resources (40%), and Piedmont Lithium Newfoundland Holdings (20%). The TSX Venture Exchange has conditionally agreed to list Vinland's approximately 10 million shares. The spin-out ratio is expected to be around 50 Vinland shares per 8,000 Sokoman shares, with accounts holding less than 8,000 Sokoman shares not eligible. Piedmont has invested CAD$2.0M and has the option to earn up to 62.5% interest by spending CAD$12.0M in exploration.

Sokoman Minerals (TSXV:SIC) annuncia piani per un'assemblea degli azionisti il 8 gennaio 2025, per chiedere l'approvazione per scorporare circa 2 milioni di azioni di Vinland Lithium. Vinland, che possiede il Killick Lithium Project, è attualmente di proprietà di Sokoman (40%), Benton Resources (40%) e Piedmont Lithium Newfoundland Holdings (20%). La Borsa di Toronto ha concordato condizionalmente di quotare le circa 10 milioni di azioni di Vinland. Il rapporto di scorporo è previsto intorno a 50 azioni Vinland ogni 8.000 azioni Sokoman, mentre i conti con meno di 8.000 azioni Sokoman non sono idonei. Piedmont ha investito 2,0 milioni di dollari canadesi e ha l'opzione di guadagnare fino al 62,5% di interesse spendendo 12,0 milioni di dollari canadesi in esplorazione.

Sokoman Minerals (TSXV:SIC) anuncia planes para una reunión de accionistas el 8 de enero de 2025, buscando aprobación para escindir aproximadamente 2 millones de acciones de Vinland Lithium. Vinland, que posee el Proyecto de Litio Killick, es actualmente propiedad de Sokoman (40%), Benton Resources (40%) y Piedmont Lithium Newfoundland Holdings (20%). La Bolsa de Valores de Toronto ha acordado condicionalmente listar las aproximadamente 10 millones de acciones de Vinland. Se espera que la proporción de escisión sea de aproximadamente 50 acciones de Vinland por cada 8,000 acciones de Sokoman, y las cuentas que posean menos de 8,000 acciones de Sokoman no serán elegibles. Piedmont ha invertido 2,0 millones de CAD y tiene la opción de ganar hasta el 62,5% de interés gastando 12,0 millones de CAD en exploración.

Sokoman Minerals (TSXV:SIC)은 2025년 1월 8일 주주 총회를 개최하고 약 200만 주의 Vinland Lithium을 분할 승인을 요청할 계획을 발표했습니다. Vinland는 Killick 리튬 프로젝트를 보유하고 있으며 현재 Sokoman(40%), Benton Resources(40%), Piedmont Lithium Newfoundland Holdings(20%)가 소유하고 있습니다. TSX 벤처 거래소는 Vinland의 약 1000만 주를 조건부로 상장하기로 동의했습니다. 분할 비율은 약 8,000 Sokoman 주식당 50 Vinland 주식에 해당할 것으로 예상되며, 8,000 Sokoman 주식 미만을 보유한 계좌는 자격이 없습니다. Piedmont는 200만 캐나다 달러를 투자했으며, 탐사에 1200만 캐나다 달러를 지출하여 최대 62.5%의 지분을 취득할 수 있는 옵션이 있습니다.

Sokoman Minerals (TSXV:SIC) annonce des projets pour une assemblée générale des actionnaires le 8 janvier 2025, cherchant l'approbation pour scinder environ 2 millions d'actions de Vinland Lithium. Vinland, qui détient le projet Killick Lithium, est actuellement détenu par Sokoman (40%), Benton Resources (40%) et Piedmont Lithium Newfoundland Holdings (20%). La Bourse de Toronto a conditionnellement accepté de coter les environ 10 millions d'actions de Vinland. Le ratio de scission devrait être d'environ 50 actions Vinland par 8 000 actions Sokoman, avec des comptes détenant moins de 8 000 actions Sokoman n'étant pas éligibles. Piedmont a investi 2,0 millions de CAD et a l'option d'acquérir jusqu'à 62,5 % d'intérêt en dépensant 12,0 millions de CAD en exploration.

Sokoman Minerals (TSXV:SIC) kündigt Pläne für eine Hauptversammlung der Aktionäre am 8. Januar 2025 an, um die Genehmigung zur Abspaltung von etwa 2 Millionen Anteilen an Vinland Lithium zu beantragen. Vinland, das das Killick Lithium-Projekt hält, gehört derzeit zu 40% Sokoman, zu 40% Benton Resources und zu 20% Piedmont Lithium Newfoundland Holdings. Die TSX Venture Exchange hat bedingt zugestimmt, die etwa 10 Millionen Anteile von Vinland zu listen. Das Spaltungsverhältnis wird voraussichtlich bei etwa 50 Vinland-Anteilen pro 8.000 Sokoman-Anteilen liegen, wobei Konten mit weniger als 8.000 Sokoman-Anteilen nicht berechtigt sind. Piedmont hat 2,0 Millionen CAD investiert und hat die Möglichkeit, durch Ausgaben von 12,0 Millionen CAD für Explorationen bis zu 62,5% Anteil zu erwerben.

Positive
  • Piedmont Lithium's strategic investment of CAD$2.0M at CAD$1.00 per share
  • Potential future payment of CAD$10.0M in Piedmont shares upon earn-in completion
  • Sokoman and Benton to retain 2% NSR on Killick Lithium Project
  • Conditional approval from TSX Venture Exchange for Vinland listing
Negative
  • Shareholders with less than 8,000 shares will not receive Vinland shares
  • Potential dilution of ownership as Piedmont can earn up to 62.5% interest

ST. 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 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 companies

  • Newfoundland 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 the Kraken pegmatites

  • Vinland holds indirectly, through its subsidiary Killick Lithium Inc., a 100% interest in the Killick Lithium Project

  • Piedmont will have the option to earn up to a 62.5% direct interest in Killick Lithium Inc. by spending CAD$12.0M in exploration and development during the period of the option

  • Upon Piedmont completing all earn-in options, Piedmont/Piedmont Lithium Inc. will have paid Sokoman and Benton a total of CAD$10.0M in Piedmont Lithium Inc. shares in addition to having funded all the Vinland exploration and development costs

  • Sokoman and Benton to collectively retain a 2% NSR on the Killick Lithium Project

In addition to the spin-out resolution, Sokoman shareholders who attend the Meeting will attend to annual matters, including consideration of Sokoman's June 30, 2024, audited financial statements, the election of directors, appointment of auditors, and approval of Sokoman's stock option plan.

Full details of the spin-out and the other annual matters are contained in a management information circular dated November 18, 2024, and filed under the Company's profile on sedarplus.ca. This circular contains detailed information on Vinland as a stand-alone company and will be mailed to registered shareholders once the postal strike is over. It will contain details of the final Meeting date, as that appears likely to change as of the date of this news release.

About Sokoman Minerals Corp.

Sokoman Minerals Corp., based in Newfoundland and Labrador, Canada, focuses primarily on its gold projects, including the wholly owned Moosehead, Crippleback Lake, and the extensive Fleur de Lys project near Baie Verte. This latter project aims to discover Dalradian-type orogenic gold mineralization like the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company has also partnered with Benton Resources Inc. on three large-scale joint ventures: Grey River, Killick Lithium, formerly Golden Hope, and Kepenkeck, positioning Sokoman as one of the largest landholders in Canada's emerging gold districts.

In October 2023, Sokoman and Benton entered into an agreement with Piedmont Lithium Inc. to advance the Killick Lithium Project. Under this deal, Piedmont can acquire up to 62.5% of the project by investing up to $12 million in exploration and issuing $10 million shares over three phases. The project, previously known as Golden Hope, is now part of Killick Lithium Inc., a subsidiary of Vinland Lithium Inc., in which Piedmont has acquired a 19.9% stake for $2 million. Sokoman and Benton maintain operational control during the earn-in phases and retain a 2% NSR royalty on future production. Additionally, Piedmont holds exclusive marketing and first-refusal rights on the lithium concentrates for the life of the mine.

Projects optioned with optionee fully vested:

  • East Alder Project optioned to Canterra Minerals Inc (SIC retains 850,000 shares of CTM plus 1% NSR)

  • Startrek Project optioned to Thunder Gold (SIC retains 1,750,000 shares of TGOL plus 1% NSR)

The Company would like to thank the Government of Newfoundland and Labrador for the financial support of the Moosehead and Fleur de Lys Projects through the Junior Exploration Assistance Program during the past few years.

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.

SOURCE: Sokoman Minerals Corp.



View the original press release on accesswire.com

FAQ

What is the proposed spin-out ratio for Sokoman Minerals (SICNF) Vinland shares?

The expected ratio is approximately 50 Vinland shares for every 8,000 Sokoman shares held.

When is Sokoman Minerals (SICNF) shareholder meeting scheduled for the Vinland spin-out approval?

The meeting is initially scheduled for January 8, 2025, but may change due to the Canadian postal strike.

How much did Piedmont invest in Vinland Lithium and what ownership stake did they receive?

Piedmont invested CAD$2.0M at CAD$1.00 per share for a 19.9% ownership stake in Vinland.

What is the minimum number of Sokoman (SICNF) shares required to receive Vinland shares?

Shareholders must hold at least 8,000 Sokoman shares (approximately $320 market value) to receive Vinland shares.

SOKOMAN MINERALS CORP

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