7 December 2020
Sixty North Gold Mining Ltd. Sixty North Gold proposes to complete a non-brokered private placement of up to 7,692,308 units (the “Units”) at an offering price of $0.065 per Unit, to raise gross proceeds of up to $500,000 (the “Offering”). Each Unit will consist of one (1) common share of the Company and one (1) non-transferable share purchase warrant (the “Warrants”). Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.10 per share for a period of two (2) years from the date of closing of the Offering. The terms of the Offering are subject to satisfactory notice to the Canadian Securities Exchange. The Company may pay finder’s fees in connection with this placement of 8.0% of the gross proceeds raised by an arm’s length finder.
The net proceeds from the Offering will be used to finance (together with funds already advanced or available to the Company) the balance of Company’s required advance to New Discovery Mines Ltd. (“NDM”) by December 31, 2020 pursuant to the Amended and Restated Earn-in Agreement between the Company and NDM, as amended, for the Company’s acquisition of an 80% interest in the Mon Gold Property, NWT, and working capital for general and administrative expenses. After completing this raise and net of finders’ fees and expenses, we will advance $750,000 to NDM, which, in addition to the $750,000 advanced to them from previous raises, will meet our required funding of $1,500,000 by December 31, 2020. The $1.5 million will be deployed by NDM to fund the construction of a winter road and camp, to acquire smaller equipment and supplies, and to move our mining equipment stored in Yellowknife to site, thereby enabling our planned bulk sample program to commence in 2021.
The financing round announced on October 20, 2020 has been closed off with $377,509 raised in two closings as announced on October 29, 2020 and November 24, 2020.
John Campbell, Chairman and Chief Financial Officer of Sixty North Gold, stated, “We are pleased to have a financing mechanism in place which will keep us on track towards our earn-in milestone, and achieving our twin goals of having a 100% interest in this former producing and currently permitted-for-production Canadian gold project, and having the mine back in full production by the Spring of 2022.”