Sokoman Announces Non-Brokered Flow-Through Private Placement For Gross Proceeds of Up To CAD$3M

ST. JOHN'S, NL / ACCESSWIRE / November 21, 2023 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") announces a non-brokered private placement of flow-through ("FT") units (the "Private Placement") for gross proceeds of up to CAD$3,000,000. The Private Placement is expected to close on or before November 30, 2023.

The Private Placement is priced at $0.065 per FT Unit, each FT Unit consisting of one flow-through common share of the Company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada), and one-half of one common share purchase warrant (a "Warrant"), each full Warrant being exercisable for one additional common share of the Company, each of which will not qualify as a flow-through share, at an exercise price of $0.13 for 12 months from the date of issue.

All securities issued pursuant to the Private Placement will be subject to a four-month and one-day hold period.

In connection with the Private Placement, the Company may pay finders' fees in cash as permitted by the policies of the TSX Venture Exchange. The Private Placement is subject to approval by the TSX Venture Exchange.

The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") on or before December 31, 2024, and to renounce all of the Qualifying Expenditures in favour of the subscribers of the FT Units effective December 31, 2023.

The Company intends to spend approximately 25% of the gross proceeds on the Fleur de Lys Gold project, and the remaining balance on its flagship Moosehead Gold project.

The Company is well-funded to cover corporate and working capital needs for 2024 with ~$2M in cash and securities in the treasury.

About Sokoman Minerals Corp.

Sokoman Minerals Corp. is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The Company's primary focus is its portfolio of gold projects; the 100% flagship, advanced-stage Moosehead, as well as the Crippleback Lake; and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The Company also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint-venture properties including Grey River, Golden Hope, and Kepenkeck in Newfoundland. Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (>6,000 claims - 1500 sq. km), making it one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.