Sokoman Minerals Closes $26 Million "Bought Deal" Private Placement, including Full Exercise of Over-Allotment

On October 31, 2025, Sokoman Minerals announced the closing of its previously announced "bought deal" private placement, raising aggregate gross proceeds of $26,221,750. This included the full exercise of the over-allotment option.

The financing consisted of: - 53,000,000 common shares at a price of $0.19 per share for gross proceeds of $10,070,000. - 60,950,000 flow-through shares at a price of $0.265 per share for gross proceeds of $16,151,750.

The financing was co-led by Canaccord Genuity Corp. and BMO Capital Markets. Renowned resource investor Eric Sprott participated in the offering. The proceeds will be used for property acquisitions, working capital, and Canadian exploration expenses.

This is a game-changing event for Sokoman Minerals. The successful closing of this substantial $26.2 million financing fundamentally transforms the company's financial position and its ability to execute an aggressive exploration strategy.

• Context and Progression: This financing is the capstone of a dramatic corporate overhaul that began on September 29, 2025, with the appointment of key alumni from New Found Gold, including Denis Laviolette as CEO & Executive Chairman. This new team immediately consolidated a district-scale land package of over 58,000 hectares along the prolific Valentine Lake Fault, rebranding it the "Treasure Island Project" (announced October 8, 2025). The financing was announced concurrently with this consolidation, signaling a clear and decisive new strategy.
• Financial De-risking: Prior to this, the company's financial position was precarious. The March 31, 2025 financial statements showed only $864k in cash. This financing removes any and all near-term capital concerns, providing a war chest sufficient for multiple years of aggressive exploration.
• Third-Party Validation: The participation of a top-tier underwriter syndicate (Canaccord, BMO) and, most notably, Eric Sprott, provides significant validation of the new management team, the consolidated land package, and the exploration thesis. The ability to close the financing with the full over-allotment option exercised indicates very strong institutional demand.
• Alignment with Expectations: The financing was previously announced on October 8, so the closing itself was expected. However, the confirmation of the full amount, including the over-allotment, exceeds baseline expectations and confirms the market's strong appetite for this new story.

The company has pivoted from a single-asset explorer with a strained balance sheet to a well-capitalized, district-scale player led by a team with a track record of significant success in the same jurisdiction. This event unlocks the potential for major discovery-focused exploration that was previously impossible.

Sokoman Minerals Corp. is a Canadian junior mineral exploration company focused on gold discovery in Newfoundland. Historically, its flagship asset was the 100%-owned Moosehead Gold Project.

Following a major corporate reset in October 2025, the company's focus has dramatically expanded. It has consolidated its Moosehead and Crippleback Lake properties with significant new acquisitions to create the district-scale "Treasure Island Project". This project covers 58,775 hectares along a 65-kilometre strike length of the Valentine Lake Fault system, which also hosts Equinox Gold's new Valentine Gold Mine. This strategic consolidation has made Sokoman the dominant landholder in this highly prospective gold belt.