Sixty North Gold Announces Unit Offering Initial Closing and Shares For Debt Agreement Totalling $726,515
SIXTY NORTH GOLD ANNOUNCES UNIT OFFERING INITIAL CLOSING AND SHARES FOR DEBT
AGREEMENT TOTALLING $726,515
Vancouver, Bri.sh Columbia--(Newsfile Corp. – June 8, 2023) – Sixty North Gold Mining Ltd. (CSE: SXTY;
FKT: 2F40; OTC-Pink: SXNTD) (the “Company” or “Sixty North Gold”)
Further to the news release of May 1, 2023 where the Company announced plans to complete a non-
brokered private placement of up to 12,500,000 units (the “Units”) at an offering price of $0.12 per Unit,
to raise gross proceeds of up to $1,500,000 (the “Offering”), Sixty North Gold is pleased to report that it
has closed on 4,304,291 units raising gross proceeds of $516,515. Each Unit consisted of one (1)
common share (a “Share”), and one non-transferable share purchase warrant (a “Warrant”), with each
Warrant being exercisable to purchase one addi.onal Share at an exercise price of $0.18 per Share un.l
June 8, 2025, provided that if the closing market price for the Issuer's common shares is greater than
$0.28 per share for a period of ten consecu.ve trading days, then the Issuer may deliver a no.ce to the
purchaser no.fying such purchaser that the Warrants must be exercised within 30 days from the date of
delivery of such no.ce.
The securi.es for the Offering will bear legends restric.ng resale un.l October 9, 2023. Finders fees of
$4,800 were paid as part of this financing. Insiders are par.cipa.ng in $270,375 of this por.on of the
financing.
The net proceeds of the Offering will be used for further explora.on and development of the Mon Gold
Property, NWT , and the Company’s general working capital requirements.
Sixty North Gold is also pleased to announce that it has arranged debt seilements with a. former
director and an officer of the Company to seile $210,000 in indebtedness for accrued management and
consul.ng fees from the period September 1, 2021 to May 31, 2023, to be paid by the issuance and
delivery of a total of 1,750,000 common shares of the Company in the aggregate, at a deemed value of
$0.12 per share, plus GST . The shares will be subject to resale restric.ons for a period of 4 months and a
day from their date of issuance.
Dave Webb, President and CEO reports “We are pleased that insiders have par.cipated to $480,375 in
cash and debt conversion, showing our belief in the project and our desire to commence producing gold
from our mine. We believe opera.ons are the least risky development plan in our permiied loca.on
with past produc.on history by the team we have assembled. Insiders now hold 49.0% of the
outstanding shares of the Company, up from 40.2% before the financing.”
About the Company
The Company is developing mining opera.ons for gold on the Mon Gold Property, 40 km north of
Yellowknife, NWT . It is currently permiied for produc.on, and has past produc.on of 15,000 tonnes of
ore to depths of only 15 m below surface, recovering an es.mated 15,000 ounces of gold.
The Mon Gold Property consists of 11 con.guous mining leases and 3 mineral claims, comprising an
aggregate 1,537 acres, located in the South MacKenzie Mining District, NWT . Eight addi.onal Mineral
Claims and one other Mining Lease are controlled under op.on totaling 5,500 acres.
For more informa.on, please refer to the Company’s Prospectus dated January 19, 2018 available on
SEDAR (www.sedar .com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David Webb”
David Webb,
President & Chief ExecuTve Officer
For further informa.on, please contact David Webb 604-818-1400
Statements about the Company's future expecta.ons and all other statements in this press release other
than historical facts are "forward looking statements". Such forward-looking statements are based on
numerous assump.ons, and involve known and unknown risks, uncertain.es and other factors, including
risks inherent in mineral explora .on and development, which may cause the actual results,
performance, or achievements of the Company to be materially di fferent 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 Prospectus
dated January 19, 2018 available on SEDAR (www.sedar .com), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF
THIS PRESS RELEASE.
This news release does not cons0tute an offer to sell or a solicita0on of an offer to buy any of the
securi0es in the United States. The securi0es have not been and will not be registered under the United
States Securi0es Act of 1933, as amended (the “U.S. Securi0es Act”) or any securi0es laws of any state of
the United States and may not be offered or sold within the United States or to a U.S. person (as defined
in Regula0on S under the U.S. Securi0es Act) unless registered under the U.S. Securi0es Act and any
applicable securi0es laws of any state of the United States or an exemp 0on from such registra0on
requirements is available.
Not for distribu,on to United States newswire services or for dissemina,on in the United States.