55 North Mining arranges $6-million private placement

Executive Summary

• 55 North Mining Inc. announced a non‑brokered private placement of up to 12 million common shares at C$0.50 per share, targeting gross proceeds of up to C$6 million.
• The offering contains no warrant component and has price protection from the Canadian Securities Exchange at the same price.
• Proceeds will fund the start of a drilling program on the Last Hope gold project and provide general working capital and corporate overhead.

Key Details

• Offering size: Up to 12 million common shares.
• Price per share: C$0.50 (price protection secured from the CSE).
• Gross proceeds target: Up to C$6 million.
• Closing date: Expected on or about October 15, 2025, subject to customary conditions and required approvals.
• Current shares outstanding: Approximately 24.5 million common shares.
• Post‑offering dilution: If fully subscribed, total shares outstanding would rise to roughly 36.5 million.
• Use of proceeds:
• Finance commencement of a drilling program on the Last Hope gold project (Manitoba, Canada).
• General working capital and corporate overhead.
• Warrant component: None included in this placement.

Notable Quotes

(No executive quotes were provided in the release.)