Puslinch, Ontario (FSCwire) - Sokoman Iron Corp., TSX-V SIC (the “Company” or “SIC”) is pleased to announce that, following TSXV approval, it closed the previously announced non-brokered Flow-Through private placement (the "Placement") for gross proceeds of $174,960 consisting of 2,916,000 flow-through units at a price of $0.06 per unit. The purchaser is Pavilion Flow-Through L.P. (2017).
Each flow-through unit under the Placement consists of one flow-through common share and one half warrant. Each full warrant will entitle the holder to purchase one additional non flow-through common share of the Company at an exercise price of $0.09 during the 24 months from the closing date. All securities issued in the Placement are subject to a four month hold period. In connection with the Placement, the Company will issue 109,350 finders warrants having the same terms as the flow through warrants issued under the Placement, and pay commissions totaling $13,122.00.
The Company plans on using the proceeds from the Placement to advance its portfolio of gold projects in central Newfoundland. The Company will use best efforts to ensure that such Canadian Exploration Expenses qualify as a "flow-through mining expenditure" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's exploration projects.
Sokoman Iron Corp. is a discovery-focused company with projects in Newfoundland & Labrador, Canada. The Company’s primary focus is its portfolio of gold projects in Central Newfoundland including the recently acquired (pending Exchange approval) Moosehead Gold Project, the Clarks Brook Project, and the East Alder/Crippleback Lake Projects, all straddling major gold bearing structures in the region. The Company also has a 100% interest in the Iron Horse Project in the eastern Labrador Trough, and an early stage antimony (Sb) property in central Newfoundland.
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. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Iron 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…