55 North Mining Inc. Announces Completion of Option Agreement Amendment for Last Hope Gold Project, Units-for-Debt Settlement and Closing of the Second Tranche of the Previously Announced Non-Brokered Private Placement Unit Financing
55 North Mining Inc. Announces Completion of Option Agreement Amendment for Last
Hope Gold Project, Units-for-Debt Settlement and Closing of the Second Tranche of the
Previously Announced Non-Brokered Private Placement Unit Financing
Toronto, Ontario – October 6, 2022 - 55 North Mining Inc. (“55 North” or the “Company”) is
pleased to report that pursuant to the amended option agreement previously announced on
September 6, 2022, the Company has made a payment of $200,000 as well issued 5,000,000
common shares of 55 North Mining Inc. to the Optionor.
The board of directors also approved the settlement of $ 110,000 of debt through the issuance
of Units (the " Debt Settlement "). Pursuant to the Debt Settlement, the Co mpany issued
5,083,032 Units of the Company at a price of $0.02 per Unit to certain creditors of the Company,
including a director and an officer (the " Creditors"). All Units consist of one common share (a
“Share”) and one common share purchase warrant (a “Warrant”), exercisable at $0.05 for a
period of forty-eight (48) months.
55 North Mining Inc. also announces closing of the second tranche of the non-brokered private
placement unit financing announced on August 29, 2022 in the sum of $240,000.
All securities issued will be subject to a four month hold period which will expire on the date that
is four months and one day from the date of issue.
The proceeds will be used for debt reduction and for general working capital purposes.
As certain insiders participated in the Debt Settlement, it is considered to be a “related party
transaction” under Multilateral Instrument 61 -101 - Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). All of the independent direc tors of the Company, acting in
good faith, considered the transactions and have determined that the fair market value of the
securities being issued to insiders and the consideration being paid is reasonable. The Company
intends to rely on the exemptions f rom the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(b) of MI 61-101.
About 55 North Mining Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last
Hope Gold Project located in Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute “forward -looking statements.”
Such forward -looking statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actu al results, performance or achievements, or
developments in the industry to differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking statements.