Strategic Acquisition Within Grey River Gold Property
Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) has completed the execution of two property option agreements on behalf of the strategic alliance between the company and Benton Resources Inc.
The two mineral claims added to the Grey River Gold Property are located in the province of Newfoundland and Labrador, Canada.
Pursuant to an option agreement, Gary Lewis has granted Sokoman the option to acquire a 100% interest in a property license consisting of seven claims subject to a 1.5% net smelter return royalty in favour of Lewis. One percent of the Lewis NSR may be purchased by the company for $1 million at any time. The Lewis Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among Gary Lewis, Aubrey Budgell and Paul Delaney:
- the payment of $10,000 cash;
- the issuance of 50,000 shares of Sokoman upon TSX Venture approval;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary of the Lewis Option Agreement;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary of the Lewis Option Agreement; and
- the payment of a further $10,000 and issuance of a further 50,000 shares on or before the third anniversary of the Lewis Option Agreement.
Pursuant to a second option agreement, G2B Gold Inc. has granted Sokoman the option to acquire a 100% interest in a property consisting of three licenses comprised of four claims subject to a 1.5% net smelter return royalty in favour of G2B Gold.. One percent of the G2B NSR may be purchased by the company for $1 million at any time. The G2B Option Agreement will terminate if Sokoman fails to complete any of the following terms, and each cash payment and share issuance is to be made equally among G2B Gold, United Gold Inc. and Grassroots Prospecting & Prospect Generation Inc.:
- the payment of 10,000 cash;
- the issuance of 50,000 shares of Sokoman upon Exchange approval;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the first anniversary date of the G2B Gold Option Agreement;
- the payment of a further $10,000 and the issuance of a further 50,000 shares on or before the second anniversary date of the G2B Gold Option Agreement.
For further information please visit: https://sokomanmineralscorp.com/
