Sixty North Gold Announces Unit Offering Closed
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTD) (the "Company" or "Sixty North Gold")
Further to the news release of October 27, 2022 where the Company announced plans to complete a non-brokered private placement of up to 2,500,000 units (the "Units") at an offering price of $0.20 per Unit, to raise gross proceeds of up to $500,000 (the "Offering"), Sixty North Gold is pleased to report that it has closed on 1,660,000 units raising gross proceeds of $332,000. Each Unit consisted of one (1) common share (a "Share"), and one (1) non-transferable share purchase warrant (a "Warrant"), with each Warrant being exercisable to purchase one (1) additional Share at an exercise price of $0.30 per Share until October 28, 2024. The securities for the Offering will bear legends restricting resale until March 1, 2023.
The net proceeds of 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
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or an exemption from such registration requirements is available.
Not for distribution to United States newswire services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142421