Sixty North Gold to close final tranche of offering

Executive Summary

• Sixty North Gold Mining Ltd. is closing the second and final tranche of its unit offering, consisting of 8,904,320 units.
• The final tranche is expected to generate gross proceeds of $979,475.20, bringing the total gross proceeds from both tranches to $1,649,969.20.
• Net 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

• Tranche Size: 8,904,320 units.
• Tranche Proceeds: $979,475.20 gross.
• Total Offering Proceeds: $1,649,969.20 gross (across both tranches).
• Unit Structure: Each unit consists of one common share and one non-transferable common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.15 per share.
  • Duration: 24 months from the closing date.
  • Restriction: Non-transferable.
• Hold Period: Securities are subject to a hold period legend restricting resale until four months and a day from the date of issuance.
• Finders' Fees:
  • Cash: $76,758 paid on portions of the second tranche.
  • Warrants: 697,800 finders' warrants issued, bearing the same terms as the investor warrants.
• Use of Proceeds: Further exploration and development of the Mon gold property (Northwest Territories) and general working capital requirements.
• Project Context: The Mon gold project is 100% owned by Sixty North Gold. Historical production in the 1990s included 15,000 tonnes of ore yielding an estimated 15,000 ounces of gold. The company plans to develop stopes in the east limb, west limb, and DD zone to feed a 100-tonne-per-day gravity flotation mill.

Notable Quotes

• None explicitly quoted in the text provided.