55 North Mining closes final tranche of financing

Executive Summary

• 55 North Mining Inc. has closed the third and final tranche of its non-brokered private placement, raising gross proceeds of $200,000.
• The total capital raised under the entire offering is now $4,202,000.
• Proceeds are designated for property payments, advancing drilling at the Last Hope gold project, and general working capital.

Key Details

• Transaction Structure: Non-brokered private placement, third and final tranche.
• Tranche 3 Specifics:
  • Issued 400,000 common shares.
  • Price per share: $0.50.
  • Gross proceeds from this tranche: $200,000.
  • No finders' fees, shares, or warrants were issued for this specific tranche.
• Total Financing:
  • Total gross proceeds raised to date: $4,202,000.
• Share Count:
  • Post-closing issued and outstanding common shares: Approximately 33.25 million.
• Use of Proceeds:
  • Finance property payments.
  • Advance drilling at the Last Hope gold project.
  • Support general working capital and corporate overhead.
• Restrictions:
  • All common shares issued are subject to a statutory hold period of four months plus one day from the date of issuance.

Notable Quotes

• "With gold prices remaining strong, we are seeing continued interest from both new and existing shareholders... The support we've received across all tranches reflects growing recognition of the potential scale and grade of the Last Hope system. This additional capital further positions us to advance drilling and deliver meaningful progress going into 2026." — Bruce Reid, Chief Executive Officer