Sokoman Iron Corporation - Closes Private Placement
20.07.2016 | FSCwire
Puslinch - Sokoman Iron Corp.("the Company") is pleased to announce closing of a non-brokered private placement for gross proceeds of $100,000.In connection with the closing of the private placement, the Company has issued 5,000,000 million units at a price of $0.02 per Unit with each Unit consisting of one common share and one full warrant to acquire one additional common share of the Company at $0.05 per share for a period of five years from the date of closing.
A finder's fee of $1,050 cash was paid to Haywood Securities Inc.
Directors and insiders of the company subscribed for 1,500,000 units.
The proceeds of the private placement will be used by the Company to fund exploration on its Antimony property and for general working capital.
All securities issued in connection with the offering are subject to a four-month hold period, in accordance with securities regulation, until November 16, 2016. The offering remains subject to the final acceptance of the TSX Venture Exchange.
The terms of the private placement are according to the TSX Venture Exchange (“Exchange”) Discretionary Waivers of $0.05 Minimum Pricing Requirement Bulletin dated April 7, 2014 and are subject to Exchange approval
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.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Sokoman Iron Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Sokoman Iron Corp.