- Sokoman Minerals Corp (SIC) to spin out 2 million shares of Vinland Lithium Inc.
- Distribution to eligible shareholders expected by April 30, 2025.
- Piedmont can earn up to a 62.5% interest in the Killick Lithium project.
Sokoman Minerals Corp (TSXV: SIC, OTCQB: SICNF) has announced that its shareholders have approved the spin-out of approximately 2 million of its 4 million shares in Vinland Lithium Inc. This decision was made during the annual shareholder meeting on March 21, 2025. The distribution of these shares is anticipated to occur around April 30, 2025.
Vinland Lithium, which manages the Killick Lithium Project, is currently shared among Sokoman (40%), Benton Resources (40%), and Piedmont Lithium Newfoundland Holdings (20%). The spin-out will provide approximately 50 Vinland shares for every 8,000 Sokoman shares held, and accounts with fewer than 8,000 shares will not receive Vinland shares due to administrative costs.
Piedmont has invested CAD$2.0 million at CAD$1.00 per share to hold a 19.9% stake in Vinland. Moreover, Piedmont has an option to increase its direct interest in the Killick Lithium project to 62.5% by allocating CAD$12.0 million towards exploration. Upon the completion of earn-in options, Piedmont will have paid Benton and Sokoman a total of CAD$10.0 million in Piedmont Lithium shares, and both companies will maintain a 2% NSR on the Killick project.
