Sixty North announces closing of new non-brokered unit offering, and provides a winter road update
22 February 2021
Sixty North Gold Mining Ltd. Further to the Company’s press release on December 7, 2020, Sixty North Gold reports that the previously announced unit private placement offering at $0.065 per unit will not be proceeding.
The Company is pleased to report that it has closed a non-brokered private placement of 7,012,286 units (the “Units”) at an offering price of $0.055 per Unit to raise gross proceeds of $385,675.73 (the “Offering”). Each Unit consisted of one (1) common share (a “Share”), and one (1) non-transferable share purchase warrant (a “Warrant”), with each Warrant being exercisable to purchase one (1) additional Share at an exercise price of $0.08 per Share until February 19, 2023.
The net proceeds of the Offering will be used for further exploration and development of the Mon Gold Property, NWT, and the Company’s general working capital requirements.
The securities for the Offering will bear legends restricting resale until June 20, 2021.
Operations and Winter Road Update
Dave Webb, President and CEO, reports from Yellowknife that our crews have started all of our heavy equipment, which is stored in Yellowknife, prior to shipping up the winter road to the Mon Gold Property. Trucks, scooptrams, jumbos and bulldozers are all operating normally. The road is at full load capacity for all but the final five km, which is at 75% capacity. It is expected to reach full capacity by the middle of next week. Shipments of equipment and supplies to site are expected to commence next week.