Vancouver, British Columbia--(Newsfile Corp. - December 7, 2020) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold") Sixty North Gold proposes to complete a non-brokered private placement of up to 7,692,308 units (the "Units") at an offering price of $0.065 per Unit, to raise gross proceeds of up to $500,000 (the "Offering"). Each Unit will 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 $0.10 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 by an arm's length finder.
The net proceeds from the Offering will be used to finance (together with funds already advanced or available to the Company) the balance of Company's required advance to New Discovery Mines Ltd. ("NDM") by December 31, 2020 pursuant to the Amended and Restated Earn-in Agreement between the Company 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. After completing this raise and net of finders' fees and expenses, the Company will advance $750,000 to NDM, which, in addition to the $750,000 advanced to them from previous raises, will meet our required funding of $1,500,000 by December 31, 2020. The $1.5 million will be deployed by NDM to fund the construction of a winter road and camp, to acquire smaller equipment and supplies, and to move our mining equipment stored in Yellowknife to site, thereby enabling our planned bulk sample program to commence in 2021.
The financing round announced on October 20, 2020 has been closed off with $377,509 raised in two closings as announced on October 29, 2020 and November 24, 2020.
John Campbell, Chairman and Chief Financial Officer of Sixty North Gold, stated, "We are pleased to have a financing mechanism in place which will keep us on track towards our earn-in milestone, and achieving our twin goals of having a 100% interest in this former producing and currently permitted-for-production Canadian gold project, and having the mine back in full production by the Spring of 2022."
About the Company
Sixty North Gold Mining Ltd. is focused on restarting the high-grade past producing Mon Mine, 40 km north of Yellowknife, NWT, within the prolific Yellowknife Gold Camp. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989-1997. Permits to explore, mine and mill at 100 tpd are in place, and the Mon is the only gold project permitted for production in the NWT. Other targets on the property include recently discovered silver- and gold-rich volcanogenic massive sulphide (VMS) targets as well as the giant shear zone-hosted gold mineralization. The shear zone is similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife which produced 14 million oz. gold. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 622 hectares, located in the South MacKenzie Mining District, NWT.
The company also has an option agreement to acquire a 100% interest in the highly prospective contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South. The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property.
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/69631