Sixty North Gold announces completion of large equipment purchases for mining and debt settlements
12 January 2021
Sixty North Gold Mining Ltd. Sixty North Gold is pleased to announce that it has purchased the final piece of large equipment requiring winter road access to bring to the Mon Property to commence mining operations. All of the heavy equipment is planned to be trucked to site in the next few weeks, together with fuel, explosives, and other consumables.
The Company is also pleased to announce that it has arranged debt settlements with certain directors and officers of the Company to settle $187,300 in indebtedness for accrued management and consulting fees from the period March 1, 2020 to December 31, 2020, to be paid by the issuance and delivery of a total of 3,746,000 common shares in the aggregate at a deemed value of $0.05 per share, plus GST. The shares will be subject to resale restrictions for a period of 4 months and a day from their date of issuance.
John Campbell, Chairman and Chief Financial Officer of the Company, stated, “On behalf of the Board, the Company appreciates the insiders’ support of the project, aligning their interests with the shareholders, while at the same time improving the company’s balance sheet.”