55 North Mining Announces Closing of Flow-Through Financing

Executive Summary

• 55 North Mining closed a non‑brokered flow‑through private placement, issuing 1,702,800 FT common shares at $0.745 each for total gross proceeds of $1,268,586.02.
• Proceeds will be used to fund eligible Canadian exploration expenses on the Last Hope Gold Project.
• No warrants were issued; all shares are subject to a four‑month hold period.

Key Details

• Shares Issued: 1,702,800 flow‑through common shares (FT Shares).
• Price per Share: $0.745.
• Aggregate Gross Proceeds: $1,268,586.02.
• Hold Period: Four months in accordance with applicable securities laws.
• Use of Proceeds: To incur eligible Canadian exploration expenses that qualify as “flow‑through mining expenditures” for the Income Tax Act (Canada), specifically for exploration at the Last Hope Gold Project.
• Warrants: None issued in connection with this placement.
• Current Operations: One drill rig is actively operating on the Last Hope Gold Project; a more detailed operational update will be provided in a future release.

Notable Quotes

(No direct quotes were included in the release.)