Sixty North Gold Announces Closing of Second and Final Tranche of Non-Brokered Unit Offering
Each Unit consists of one (1) common share (the "Share") of the Company and one (1) non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share of the Company at a price of $0.11 per Share for a period of eighteen (18) months; provided that if the closing market price of the Issuer's Shares on the Canadian Securities Exchange ("CSE") is greater than $0.18 per Share for a period of ten (10) consecutive trading days, the Company may deliver a notice (the "Notice") to the holders of Warrants that the Warrants will expire at 4 p.m. Vancouver time on the date that is thirty (30) days from the date of delivery of such Notice.
The securities for the second tranche of the Offering will bear a legend restricting resale until August 3, 2025. Finders' fees of $1,485 in cash and 18,000 non-transferable finders' warrants on the same terms as the Warrants were paid to a finder under the offering pursuant to the policies of the CSE. The total net proceeds raised from the two tranches was $242,094.75
The proceeds from the Offering will be used for further exploration and development of the Mon Gold Property located in NWT, and for the Company's general working capital requirements.
About the Company
The Company is developing mining operations for gold on its 100%-owned Mon Gold Property, 40 km north of Yellowknife, NWT. Past production of the A Zone extracted 15,000 tonnes at 30 gpt gold from this vein (Company Technical Report, August 3, 2023, on SEDAR or https://sixtynorthgold.com/projects/technical-report/. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better (Discovery and Sixty North Gold's Mon Mine), and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Con Min and Giant Mine) (ref. Sixty North Gold NI 43-101, August, 2023).
The property also hosts an outcropping precious-metals-rich VMS (volcanogenic massive sulphide) showing, and has four modelled geophysical targets along strike within felsic tuffs, lithic and lapilli tuffs. The Company plans to drill these targets with this funding.
For more information, please refer to the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dave Webb"Dave Webb, President & CEO
For further information, please contact:Dave WebbTel.: 604 818-1400 Email: dave@drwgcl.comWebsite: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward-looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR (www.sedarplus.ca), under the Company's profile.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/247167
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