2 May 2024
VANCOUVER, Bri.sh Columbia -- (News?le Corp. – May 2, 2024) Sixty North Gold Mining Ltd. (CSE: SXTY, FKT: 2F40, OTC-Pink: SXNTF) (the “Company” or “Sixty North Gold”)
Further to the news release of April 17, 2024 where the Company announced plans to complete a non-brokered private placement of up to 13,800,000 units (the “Units”) at an o?ering price of
$0.05 per Unit, to raise gross proceeds of up to $690,000 (the “O?ering”), Sixty North Gold is pleased to report that it has closed on 9,980,000 units raising gross proceeds of $499,000.
Each Unit consisted of one (1) common share (a “Share”), and one non-transferable share purchase warrant (a “Warrant”), with each Warrant being exercisable to purchase one addi.onal Share at an exercise price of $0.08 per Share for a period of one (1) year from the date of closing of the O?ering, provided that if the closing market price for the Issuer's common shares is greater than $0.16 per share for a period of ten consecu.ve trading days, then the Issuer may deliver a notice to the purchaser notifying such purchaser that the Warrants must be exercised within 30 days from the date of delivery of such notice.
The securities for the O?ering will bear legends restricting resale until September 10, 2024. Finders fees of $1,760, plus 35,200 ?nders warrants on the same terms as the unit warrants will be paid as part of this ?nancing. Insiders are participating in $400,000 of the ?nancing.
The net proceeds from the O?ering will be used to fund claim maintenance, con.nued exploration and development of the Company’s properties, as well as general corporate purposes.
Dr. D.R. Webb Ph.D., P.Geol., P.Eng. is the QP within the meaning of NI 43-101 and is responsible for the technical details of this release.