Sokoman Minerals Corp. Increases Flow-through Private Placement, Announces Hard-Dollar Financing

ST. JOHN'S, NL / ACCESSWIRE / December 6, 2023 / Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman" or the "Company") today announces that further to its November 29, 2023, news release, due to overwhelming demand the Company is increasing its flow-through private placement financing by CAD$483,525 to total aggregate gross proceeds of CAD$3,483,525 (the "FT Financing"). The FT Financing consists of CAD$0.065 units (the "FT Units"), 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 a 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 CAD$0.13 for 12 months from the date of issue.

The Company is also pleased to announce a non-flow-through CAD$0.065 unit financing (the "NFT Financing") for aggregate gross proceeds of CAD$208,000. The NFT Financing consists of CAD$0.065 units (the NFT Units"), each NFT Unit consisting of one common share of the Company and one common share purchase warrant (the "NFT Warrants"), each NFT Warrant being exercisable for an additional common share of the Company at an exercise price of CAD$0.13 for 24 months from the date of issuance.

All securities issued pursuant to the FT Financing and the NFT Financing (together the "Financings") will be subject to a four-month and one-day hold period.

In connection with the Financings, the Company may pay finders' fees in cash and broker warrants as permitted by the policies of the TSX Venture Exchange (the "Exchange"). The Financings are subject to Exchange approval.

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.