Sixty North proposes to complete a non-brokered private placement to raise gross proceeds of up to $300,000 .
Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the “Company” or “Sixty North”) Sixty North proposes to complete a non-brokered private placement of up to 6,000,000 units (the “Units”) at an offering price of $0.05 per Unit, to raise gross proceeds of up to $300,000 (the “Offering”). Each Unit will consist of one (1) common share of the Company and one (1) share purchase warrant (the “Warrants”). Each whole Warrant will be exercisable to acquire one additional common share at an exercise price of $0.075 per share for a period of two (2) years from the date of closing of the Offering. In the event that the common shares of the Company trade at a closing price greater than $0.15 per share for a period of 10 consecutive trading days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The terms of the Offering are subject to satisfactory notice to the Canadian Securities Exchange.
The Company will pay finder’s fees in connection with this placement to Mackie Research Capital Corporation (“MRCC“) equal to 8.0% of the gross proceeds raised by MRCC, and share purchase warrants (the “Finder’s Warrants“) equal to 10% of the number of Units sold by MRCC, and the Finder’s Warrants will be exercisable for common shares on the same terms as the Warrants.
The net proceeds from the Offering will be used to finance the Company’s payment of $150,000 due and owing to New Discovery Mines Ltd. (“NDM“) by June 30, 2020 for the further extension of the Amended and Restated Earn-in Agreement between the Issuer and NDM, as amended, for the Company’s acquisition of an 80% interest in the Mon Gold Property, NWT, and working capital for general and administrative expenses. NDM is a private company controlled by David Webb, the President & Chief Executive Officer of the Company.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal exploration target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. For more information, please refer to the Company’s profile on SEDAR (www.sedar.com) or visit the Company’s website at www.sixtynorthgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
President & Chief Executive Officer
For further information, please contact David Webb 604-818-1400
Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company’s Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
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