31 October 2022
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTD) (the "Company" or "Sixty North Gold")
Further to the news release of October 27, 2022 where the Company announced plans to complete a non-brokered private placement of up to 2,500,000 units (the "Units") at an offering price of $0.20 per Unit, to raise gross proceeds of up to $500,000 (the "Offering"), Sixty North Gold is pleased to report that it has closed on 1,660,000 units raising gross proceeds of $332,000. 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 $0.30 per Share until October 28, 2024. The securities for the Offering will bear legends restricting resale until March 1, 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.
About the Company
The Company is developing mining operations for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. Past production extracted 15,000 tonnes of ore to depths of only 15 m below surface, recovering an estimated 15,000 ounces of gold.
The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,537 acres, located in the South MacKenzie Mining District, NWT. Eight additional Mineral Claims and one other Mining Lease are controlled under option totaling 5,500 acres.
For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.