Sokoman relationship 25/75..MEK..SIC To earn an initial 75% interest, Sokoman must make cash payments of $45,000 over three years (no cash on signing) and issue a total of 3,000,000 Sokoman common shares over three years (500,000 due upon regulatory approval) and incur work expenditures of $800,000 over three years ($100,000 by 1st anniversary). Sokoman will be the operator during the earn-in period. Once a 75% interest is earned by Sokoman, either a 75/25 joint venture will be formed, or Sokoman may elect to earn an additional 25% interest to bring its total property interest to 100%. The terms to increase its interest from 75% to 100% include payments of $100,000 and the issuance of an additional 2,000,000 Sokoman shares within 60 days of the 3rd anniversary date. This agreement is subject to regulatory approval.
Note: The MEK surface grab samples mentioned in this news release were grab samples which are selective by nature and are unlikely to represent average grades of the property.
Timothy Froude, P. Geo., Interim CEO states; “The acquisition of Clarks Brook provides Sokoman and its shareholders with a drill ready property in the active Central Newfoundland Gold Play. Metals Creek is a strong supporter and shareholder of Sokoman and the property is a good fit for both companies. The property has significant gold grades, and has never been drill tested. The added bonus of being pre-approved for JEA assistance (partial reimbursement of exploration expenditures) makes this project extremely attractive. We will be moving forward with plans to fund, and carry out a Phase 1 drilling program, as quickly as possible.”
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.
Read more at https://www.stockhouse.com/news/press-releases/2017/08/23/sokoman-iron-corp-signs-loi-with-metals-creek-resources-corp-on-clarks-brook#f4ldGVJsVmBqvavd.99