Sokoman to acquire Keats, options Stony Lake

Executive Summary

• Sokoman Minerals Corp. has entered into an agreement to acquire a 100% interest in the Keats property (six mineral licences) and an option agreement to acquire a 100% interest in the Stony Lake property (257 mining claims) in the Valentine Lake fault area of Newfoundland.
• The company has clarified details regarding its $24-million offering, confirming the underwriters' option to purchase up to an additional 7.95 million flow-through shares for gross proceeds of $2,106,750.
• The Keats acquisition involves a cash payment, share issuance, and a net smelter return royalty, while the Stony Lake option requires share issuances and exploration expenditures by December 1, 2025.

Key Details

• Keats Property Acquisition:
  • Counterparties: Kevin Keats and 91112 Newfoundland and Labrador Inc.
  • Asset: 100% interest in six mineral licences.
  • Consideration:
    • One-time cash payment of $50,000 to 91112.
    • Issuance of 2.5 million common shares to 91112.
    • Grant of a 1.5% net smelter return (NSR) royalty to 91112.
    • Sokoman has the right to purchase one-half of the NSR royalty for $1.5 million.
  • Condition: Subject to TSX Venture Exchange approval.
• Stony Lake Property Option:
  • Counterparties: K9 Gold Corp. and District Copper Corp.
  • Asset: 100% interest in four mineral licences, totalling 257 mining claims in the Valentine Lake fault area.
  • Option Exercise Consideration:
    • Issuance of 1.5 million common shares to K9 Gold Corp.
    • Issuance of 500,000 common shares to District Copper Corp.
    • Incur sufficient exploration expenditures by December 1, 2025, to keep the property in good standing, or make an equivalent cash payment to government authorities.
  • Royalty Cancellation: Upon exercise, DCC will cancel any existing royalties on the property held by it.
  • Condition: Subject to TSX-V approval.
• Financing Update ($24-million Offering):
  • Underwriter Option: Exercisable in whole or in part up to 48 hours prior to closing.
  • Instrument: Up to 7.95 million flow-through shares (corrected from original statement of common shares).
  • Price: FT share issue price.
  • Gross Proceeds: $2,106,750.

Notable Quotes

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