55 North Mining closes $1.26-million financing

Executive Summary

• 55 North Mining Inc. has closed its previously announced non-brokered flow-through private placement, raising gross proceeds of approximately $1.27 million.
• The company issued 1,702,800 flow-through common shares at a price of 74.5 cents per share.
• Proceeds are designated for eligible Canadian exploration expenses related to the Last Hope gold project, where active drilling is currently underway.

Key Details

• Transaction Type: Non-brokered flow-through private placement.
• Shares Issued: 1,702,800 flow-through (FT) common shares.
• Price Per Share: 74.5 cents CAD.
• Gross Proceeds: $1,268,586.02 CAD.
• Warrants: None issued.
• Hold Period: Four months, in accordance with applicable securities laws.
• Use of Proceeds: To incur eligible Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada), specifically for the exploration of the Last Hope gold project.
• Operational Status: Exploration drilling activities are currently active, with one drill rig operating on the Last Hope gold project. A detailed operational update is expected in a subsequent release.