55 North closes $415,000 second tranche of placement

Executive Summary

• 55 North Mining Inc. has closed the second tranche of its non-brokered private placement financing, raising gross proceeds of $415,000.
• The company has now raised a total of $4,002,000 across two tranches, with the first tranche raising $3,587,000.
• Proceeds are designated for property payments, the commencement of drilling programs at the Last Hope gold project, and general working capital.

Key Details

• Second Tranche Proceeds: $415,000 gross proceeds.
• Shares Issued: 830,000 common shares.
• Price Per Share: $0.50 CAD.
• Total Raised to Date: $4,002,000 (combining the initial tranche of $3,587,000 and the second tranche of $415,000).
• Finder’s Fees: No finders' shares or finders' warrants were issued for this tranche.
• Use of Proceeds: Financing property payments, commencement of drilling programs, and general working capital/corporate overhead.
• Future Plans: The company may complete one or more additional closings of the offering in the near term, subject to customary conditions.
• Share Count: Approximately 32.83 million common shares issued and outstanding following this closing.

Notable Quotes

• "We continue to see strong interest in the financing from both new and existing shareholders... This second tranche further strengthens our balance sheet as we prepare to begin drilling at Last Hope. We expect continued investor participation as we work toward completing the final tranche of the offering." — Bruce Reid, Chief Executive Officer