12 June 2023
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2023) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold").
In connection with the first closing of Sixty North's recent unit private placement offering, David R. Webb (the "purchaser"), the Company's President, Chief Executive Officer and a director, and all persons acting jointly or in concert with the purchaser, have acquired, directly and indirectly, 875,000 common shares of the Company (the "Shares") and warrants to purchase an additional 875,000 Shares of the Company (the "Warrants"), representing approximately 6.1% of the total issued shares of the Company on a partially diluted basis (assuming exercise of these Warrants only).
The purchaser, and all persons acting jointly or in concert with the purchaser, previously held 5,283,608 Shares, and 80,000 incentive stock options, representing approximately 24.8% of the then issued and outstanding Shares of the Company on a partially diluted basis. After the recent distribution described above, the purchaser now holds or has control or direction over a total of 6,158,608 Shares, 875,000 Warrants, and 80,000 stock options, representing approximately 24.9% of the total issued and outstanding Shares of the Company on a partially diluted basis (assuming the exercise of these Warrants and stock options only).
The purchaser intends to hold the Shares and Warrants for investment purposes. Depending upon market conditions and other factors, the purchaser may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities it holds in the Company, or will hold or may continue to hold its current position.
Additional information concerning the foregoing is contained in the Early Warning Report filed by the purchaser on SEDAR under the Company's profile.