Sixty North arranges $1.5-million offering

Executive Summary

• Sixty North Gold Mining Ltd. announced a non-brokered private placement offering of up to six million units to raise gross proceeds of up to $1.5 million.
• Each unit consists of one common share and one-half of one common share purchase warrant, priced at 25 cents per unit.
• Proceeds are designated for the exploration and development of the Mon gold property in the Northwest Territories and for general working capital.

Key Details

• Offering Size: Up to 6,000,000 units.
• Gross Proceeds: Up to $1,500,000.
• Price Per Unit: 25 cents.
• Unit Composition: Each unit comprises one common share and one-half of one common share purchase warrant.
• Warrant Terms: Each warrant is exercisable to purchase one additional share at an exercise price of 30 cents.
• Warrant Expiry: One year from the closing date.
• Finder’s Fees: Eligible finders receive up to 8% in cash and 8% in warrants on proceeds from introduced investors.
• Finder: Leede Financial Inc. of Vancouver, Canada, has agreed to act as the finder.
• Use of Proceeds: Further exploration and development of the Mon gold property (Northwest Territories) and general working capital requirements.
• Insider Participation: Insiders are permitted to participate; the company intends to rely on exemptions from formal valuation and minority shareholder approval requirements under MI 61-101, as the related-party transaction value is not expected to exceed 25% of market capitalization.
• Resale Restrictions: Securities are subject to a hold period legend restricting resale until four months and one day from the date of issuance.

Notable Quotes

• "The proceeds from the offering will be used for further exploration and development of the Mon gold property located in Northwest Territories and for the company's general working capital requirements."