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Sixty North Gold Mining Ltd. (CSE: SXTY,OTC:SXNTF) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") is pleased to announce that the Company intends to complete a non-brokered financing of up to 13,636,363 units (the "Units") at an offering price of $0.11 per Unit to raise gross proceeds of up to $1,500,000 (the "Offering") subject to applicable securities laws and CSE policies.
Each Unit will be comprised of one common share (each, a "Share") and one non-transferable common share purchase warrant (each, a "Warrant") in the capital of the Company. Each Warrant will be exercisable to purchase one additional Share at a price of Cdn.$0.15 for a period of twenty-four (24) months from the Closing Date.
Leede Financial Inc. of Vancouver, Canada has agreed to act as a Finder for the transaction, with 8% fees in cash and 8% in warrants on the proceeds received by Sixty North from investors introduced to Sixty North.
The securities underlying the Units will be subject to a hold period legend restricting resale until four months and a day from their date of issuance.
The proceeds from the Offering will be used for further exploration and development of the Mon Gold Property located in NWT, and for the Company's general working capital requirements.
Dr. Dave Webb, President and CEO, states, "This financing will expedite Sixty North Gold's plans to acquire, install and commission the 100 tpd gold mill in the summer of 2026 at its fully-permitted Mon Gold Mine. The Company has invested over $9 million in acquiring and developing its wholly-owned past producing Mon Gold Mine. This includes development to the second level below the historic stopes that were produced ore grading one ounce gold per tonne and exposing the vein at this depth."
Insiders of the Company will be permitted to participate in the Offering. Such participation would be considered to be "related party transactions" within the meaning of Exchange Policy 5.9 ("Policy 5.9") and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in Policy 5.9. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
About the Company
Sixty North is developing mining operations for gold on its 100-per-cent-owned Mon Gold Project, which extracted 15,000 tonnes of ore to depths of only 15 metres below surface, recovering an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR+ or https://sixtynorthgold.com/projects/technical-report/). The North Ramp has been reopened and has been extended to the target portion of the vein. The company plans to develop stopes in the East Limb, West Limb and DD Zone to extract and to feed a 100 tpd gravity-flotation mill.
Additional gold, silver and base metal targets occur on the property and will be explored and developed as warranted.
The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery Mine with one million ounces of gold produced, and Sixty North Gold's Mon Mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con Mine and Giant Mine); (ref. Company Technical Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. D.R. Webb, P.Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the Company's public filings available on SEDAR+ (www.sedarplus.ca), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS,
"Dave Webb"
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: dave@drwgcl.com
Website: www.sixtynorthgold.com
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 public filings available on SEDAR+ (www.sedarplus.ca), under the Company's profile.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271504
