Sokoman Iron Corporation: Closes Private Placement
20.01.2017 | FSCwire
Puslinch, Ontario - Sokoman Iron Corp. ("the Company") is pleased to announce closing of a non-brokered private placement for gross proceeds of $318,000 consisting of 700,000 flow-through units (“FT”) for $35,000 and 5,660,000 non flow-through units (“NFT”) for $283,000.Each FT unit will be issued at $0.05 and will consist of one (1) FT common share and one common share purchase warrant, each common share purchase warrant being exercisable at $0.08 cents for five years. FT funds will be used to advance newly acquired gold properties in Newfoundland.
Each NFT unit will be issued at $0.05 and will consist of one (1) common share and one (1) common share purchase warrant, each exercisable at $0.05 cents for five years.
The common shares comprising the FT and NFT units and the common shares issuable upon exercise of the common share purchase warrants will be subject to a four (4) month hold period commencing on the closing date, being the date of issuance of the units. The Company has paid fees totaling $19,040. The financing and associated terms are subject to TSX Venture Exchange approval.
Directors of the company subscribed for 300,000 units.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101 and Interim CEO for Sokoman Iron Corp. For further information please contact Timothy Froude at 709-765-1726 or by email at tfroude@sokomaniron.com
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 securities regulatory authorities by Sokoman Iron Corp.