Sokoman Minerals closes $26 million private placement with Eric Sprott

Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) completed a bought deal private placement offering for gross proceeds of $26,221,750, according to a company statement.

The offering consisted of 53 million common shares at $0.19 per share for proceeds of $10,070,000 and 60.95 million flow-through shares at $0.265 per share for proceeds of $16,151,750. The flow-through portion included 7.95 million shares from the full exercise of an over-allotment option.

Eric Sprott, through 2176423 Ontario Ltd., acquired all 53 million common shares in the offering.

The company will use proceeds from common share sales for property acquisitions, working capital and corporate purposes. Flow-through share proceeds will fund Canadian exploration expenses that qualify as flow-through mining expenditures under Canada's Income Tax Act. These expenditures must be incurred by December 31, 2026, and will be renounced to initial purchasers with an effective date no later than December 31, 2025.

Canaccord Genuity Corp. served as lead underwriter and sole bookrunner, with BMO Capital Markets as co-underwriter. The company paid $1,073,305 in cash commissions and issued 3,679,105 broker warrants. Each warrant allows purchase of one common share at $0.19 for 24 months after closing.

A company director participated in the offering by purchasing 130,000 common shares. The shares are subject to a four-month hold period under Canadian securities laws.

The offering remains subject to final approval from the TSX Venture Exchange. Sokoman Minerals focuses on gold exploration in Newfoundland, with its primary asset being the Treasure Island Gold Project.

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