55 North Mining Announces Closing of First Tranche of Its Non-Brokered Private Placement Financing, Totalling $3,587,000

Executive Summary

• 55 North Mining closed the first tranche of its non‑brokered private placement, raising approximately $3.587 million.
• The tranche consisted of 7,174,000 common shares at $0.50 per share, plus finders’ compensation and warrants.
• Proceeds are earmarked for property payments, the commencement of winter drilling at Last Hope, and general working capital.

Key Details

• Offering size: up to 12,000,000 common shares at $0.50 each.
• First tranche issuance: 7,174,000 common shares → $3,587,000 gross proceeds.
• Finders’ compensation: 300,240 common shares issued.
• Finders’ warrants: 150,120 warrants, exercisable at $0.50 per share for 24 months.
• Use of proceeds: fund property payments, start winter drill program at Last Hope, and cover working capital/corporate overhead.
• Post‑closing share count: approximately 32.0 million common shares issued and outstanding.
• Anticipated additional closings to complete the offering in the near term, subject to customary conditions.

Notable Quotes

“We are very pleased with the strong investor support for this financing,” said Bruce Reid, CEO of 55 North Mining. “With this first tranche complete, the Company is well‑positioned to commence its winter drill program at Last Hope.”