SIC Closes Private PlacementSokoman Iron Corp. Closes Private Placement
Puslinch, Ontario (FSCwire) - 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.