Funds Will Support Current Drilling Programme At Moosehead
Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) has now closed its private placement and issued 3,770,592 units of the company to Eric Sprott for gross proceeds of $980,354.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 3,770,592 units under the offering for total consideration of $980,354.
Subsequent to the closing of the Financing, Mr Sprott now holds approximately 26.1% of the issued and outstanding common shares of the company on a non-diluted basis and approximately 29.6% of the issued and outstanding common shares of the company on a partially diluted basis, assuming exercise of the warrants acquired hereunder and forming part of the units.
Prior to the offering, Mr. Sprott beneficially owned or controlled approximately 24.6% of the issued and outstanding common shares of the company on a non-diluted basis and approximately 27.6% of the issued and outstanding common shares of the Company on a partially diluted basis.
The proceeds of the Financing allow Sokoman to increase the current Phase 6 drill programme at the flagship Moosehead Gold Project in Newfoundland from 20,000m to 50,000m total with four drill rigs.
Recent highlights from Phase 6 include significant intercepts from MH-21-141 of 4.20 m @ 64.0 g/t Au at South Pond; and from MH-21-115 of 4.60 m @ 47.0 g/t Au at Footwall Splay, and 8.10 m @ 68.70 g/t Au in the Eastern Trend Main zone. All zones remain open.
Sokoman also announces that, for the period between April 1 and May 31, 2021, the company has seen a total of 23,691,000 warrants exercised for $5,921,570. The company’s current cash position is approximately $15 million, making it fully funded for the activities planned for the remainder of 2021.
