Sixty North Gold Announces Repricing and Increase of Unit Offering

Vancouver, British Columbia--(Newsfile Corp. - October 27, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTD) (the "Company" or "Sixty North Gold") announces that further to its press release dated September 26, 2022 announcing a non-brokered private placement of units (the "Units") to raise up to $500,000 in gross proceeds (the "Offering"), it has reduced the offering price from $0.28 to $0.20 per Unit, and therefore the size of the Offering has been increased to up to 2,500,000 Units.

Each Unit will now consist of one (1) common share of the Company and one (1) non-transferable share purchase warrant (the "Warrants"). Each Warrant will be exercisable to acquire one additional common share at an exercise price of $0.30 per share for a period of two (2) years from the date of closing of the Offering. The terms of the Offering are subject to satisfactory notice to the Canadian Securities Exchange. The Company may pay finder's fees in connection with this placement of 8.0% of the gross proceeds raised, and Warrants to purchase common shares equal to 8.0% of the number of Units subscribed to qualifying arm's length finders.

The net proceeds from 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.

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 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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142171

info