District Copper options 25% of Stony Lake to Sokoman
Executive Summary
- District Copper entered an option agreement with Sokoman Minerals to potentially sell its 25 % stake in the Stony Lake gold property in exchange for 500,000 Sokoman common shares.
- The company announced a private placement of up to $350,000 by issuing 4,666,666 units at C$0.075 per unit, each consisting of one share and one warrant (exercise price C$0.12, two‑year term).
- Proceeds will fund working capital, exploration on the 100 % owned Copper Keg project in BC, and possible new acquisition or option opportunities; finders’ fees may be paid in cash and warrants.
Key Details
- Option Agreement:
- Date: Oct. 2 2025
- Counterparties: District Copper Corp. & Sokoman Minerals Corp.
- Subject: District’s 25 % interest in the Stony Lake gold property (Newfoundland)
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Consideration: Transfer of 500,000 Sokoman common shares to District, subject to regulatory approvals.
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Private Placement Financing:
- Maximum gross proceeds: up to C$350,000
- Units offered: 4,666,666 units at C$0.075 per unit
- Unit composition: 1 share + 1 transferable warrant
- Warrant terms: Exercise price C$0.12; exercisable for two years from issuance.
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Acceleration clause: If, after a four‑month hold period, District’s stock trades ≥ C$0.20 for 20 consecutive trading days, District may accelerate the warrant expiry to 10 days after notice.
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Use of Proceeds:
- General working capital
- Exploration on Copper Keg project (100 % owned, British Columbia)
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Potential new acquisition/option opportunities
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Finders’ Fees:
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Up to 8 % of the private placement amount payable in cash and up to 8 % payable in warrants (or a portion thereof).
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Strategic Impact:
- Upon completion of this agreement and the existing agreement with K9 Gold Corp., Sokoman will hold 100 % of Stony Lake, consolidating ownership and enhancing exploration efficiency in the Exploits subzone.
Notable Quotes
“We are pleased to complete this transaction with Sokoman Minerals, a company with extensive experience and proven exploration success in Newfoundland. This agreement allows District Copper to retain exposure to future discovery upside through its share position in Sokoman while freeing up resources to focus on our other exploration and development opportunities.” – Jevin Werbes, CEO, District Copper Corp.