Sixty North to close $1.5M offering within five days

Executive Summary

• Sixty North Gold Mining Ltd. intends to close a non-brokered private placement of 6 million units for gross proceeds of $1.5 million, subject to no objection from the Canadian Securities Exchange.
• Each unit consists of one common share and one-half of one non-transferable common share purchase warrant, exercisable at $0.30 per share for one year.
• Proceeds will be utilized for the exploration and development of the Mon gold property in the Northwest Territories and for general working capital.

Key Details

• Transaction Structure: Non-brokered unit offering.
• Quantity: 6,000,000 units.
• Offering Price: $0.25 per unit.
• Gross Proceeds: $1,500,000.
• Unit Composition: Each unit comprises one common share and one-half of one non-transferable common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.30 per share.
  • Term: One year from the closing date.
  • Transferability: Non-transferable.
• Hold Period: Securities are subject to a hold period legend restricting resale until four months and one day from the date of issuance.
• Finder’s Fees: Two finders received total cash fees of $51,000 and 204,000 finders' warrants (with terms identical to the investor warrants) on the full proceeds.
• Use of Proceeds: Further exploration and development of the Mon gold property (Northwest Territories) and general working capital requirements.
• Regulatory Condition: Closing is subject to the Canadian Securities Exchange raising no objection.

Notable Quotes

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