Mr. Timothy Froude reports

SOKOMAN MINERALS CORP. CLOSES FINANCING

Sokoman Minerals Corp., further to its Nov. 29, 2023, and Dec. 6, 2023, news releases, has filed documents with the TSX Venture Exchange seeking final approval to close its private placement financing. The financing consists of 53,892,847 6.5-cent flow-through units and 3.2 million 6.5-cent non-flow-through units for aggregate gross proceeds of $3,711,035.

Each FT unit consists of one flow-through common share of the company entitling the holder to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada), and one-half of a common share purchase warrant, each full warrant being exercisable for one additional common share of the company, each of which will not qualify as a flow-through share, at an exercise price of 13 cents for 12 months from the date of issue. Each NFT unit consists of one common share of the company and one common share purchase warrant, each NFT warrant being exercisable for an additional common share of the company at an exercise price of 13 cents for 24 months from the date of issuance.

Three insiders have subscribed for $29,500 or 453,846 FT units, that portion of the private placement a related party transaction as such term is defined under MI-61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the formal valuation requirement of MI-61-101 under sections 5.5(a) and (b) of MI-61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25 per cent of the company's market capitalization.

All securities issued pursuant to the FT financing and the NFT financing will be subject to a four-month-and-one-day hold period.

In connection with the financings, the company is paying finders' fees in cash and broker warrants as permitted by the policies of the TSX Venture Exchange as follows:

• GloRes Securities Inc.: $54,795.30 and 841,620 broker warrants, exercisable at 10 cents for 12 months;
• Marquest Asset Management Inc.: $12,675 and 195,000 broker warrants, exercisable at 10 cents for 12 months;
• Castlewood Capital Corp.: $24,000.60 and 369,240 broker warrants, exercisable at 10 cents for 12 months;
• Stonegate Securities Ltd.: $24,000.60 and 369,240 broker warrants, exercisable at 10 cents for 12 months;
• Haywood Securities Inc.: $780 and 12,000 broker warrants, exercisable at 10 cents for 12 months;
• CIBC Private Wealth Management: $1,170 and 18,000 broker warrants, exercisable at 10 cents for 12 months;
• KJ Harrison Partners Inc.: $1,560 and 24,000 broker warrants, exercisable at 10 cents for 12 months;
• Accilent Capital Management: $4,500.60 and 69,240 broker warrants, exercisable at 10 cents for 12 months;
• RedPlug Inc.: $49,920 and 768,000 broker warrants, exercisable at 10 cents for 12 months;
• BMO Nesbitt Burns: $5,850.

The company will use an amount equal to the gross proceeds received by the company from the sale of the FT units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) on or before Dec. 31, 2024, and to renounce all of the qualifying expenditures in favour of the subscribers of the FT units effective Dec. 31, 2023.

The company intends to spend approximately 25 per cent of the gross proceeds on the Fleur de Lys gold project, and the remaining balance on its flagship Moosehead gold project.

About Sokoman Minerals Corp.

Sokoman Minerals is a discovery-oriented company with projects in the province of Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects; the 100-per-cent flagship, advanced-stage Moosehead, as well as Crippleback Lake; and East Alder (optioned to Canterra Minerals Corp.) along the central Newfoundland gold belt, and the district-scale Fleur de Lys project near Baie Verte in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three, large-scale, joint venture properties, including Grey River, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls, independently and through the Benton alliance, over 150,000 hectares (greater than 6,000 claims -- 1,500 square kilometres), making it one of the largest landholders in Newfoundland, in Canada's newest and rapidly emerging gold districts.

We seek Safe Harbor.