Options 80 Claims Lying In Newfoundland
Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) has executed two property option agreements to add additional mineral claims to the company’s Fleur de Lys Property in Newfoundland.
The owners of the “Duffitt Property” have granted Sokoman the option to acquire a 100% interest in the property of six licenses consisting of 51 claims subject to a 2% net smelter return royalty in favour of the Duffitt Optionors .
One percent of the Duffitt NSR may be purchased by the Company for C$1M any time prior to production. The Duffitt Option will terminate if Sokoman fails to complete any of the following terms, each cash payment and share issuance to be made jointly to the Duffitt Optionors:
- Pay a C$20,000 deposit (paid);
- Issue 75,000 shares of Sokoman upon TSX Venture Exchange approval;
- Pay a further $C20,000 and issue 100,000 shares on or before the first anniversary of the Option Agreement;
- Pay a further C$25,000 and issue 100,000 shares on or before the second anniversary of the Option Agreement; and
- Pay a further C$35,000 and issue 175,000 shares on or before the third anniversary of the Option Agreement.
In addition to the cash and share payment, Sokoman will issue jointly an additional 500,000 shares to the Duffitt Optionors in the event an NI 43-101 compliant inferred mineral resource of a minimum of 100,000 ounces of gold or gold equivalent is established on the Duffitt Property.
A the same time the owners of the “Squires/McGuire Property” have granted Sokoman the option to acquire a 100% interest in a property with license 03128M NTS12H/16 consisting of 29 Claims subject to a 2% net smelter return royalty in favour of the Squires/McGuire Optionors. One percent of the Squires/McGuire NSR may be purchased by the company for C$1M any time prior to production. The Squires/McGuire Option will terminate if Sokoman fails to complete any of the following terms, each cash payment and share issuance to be made jointly to the Squires/McGuire Optionors:
- Pay a deposit of C$5,000 (paid);
- Issue 25,000 shares of Sokoman upon Exchange approval;
- Pay a further C$10,000 and issue a further 50,000 shares on or before the first anniversary date of this Option Agreement;
- Pay a further C$15,000 and issue a further 75,000 shares on or before the second anniversary date of this Option Agreement; and
- Pay a further C$20,000 and issue a further 100,000 shares on or before the third anniversary of this Option Agreement.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland abd Labrador, Canada. The company’s primary focus is its portfolio of gold projects: Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the recently acquired district-scale Fleur de Lys project in northwestern Newfoundland.
For further information please visit: https://sokomanmineralscorp.com/
