Sixty North GOLD Mining Announces Closing of Unit Offering
SIXTY NORTH GOLD MINING ANNOUNCES CLOSING OF UNIT OFFERING
VANCOUVER, Bri.sh Columbia -- (Newsfile Corp. – May 2, 2024) Sixty North Gold Mining Ltd.
(CSE: SXTY , FKT: 2F40, OTC-Pink: SXNTF) (the “Company” or “Sixty North Gold”)
Further to the news release of April 17, 2024 where the Company announced plans to complete
a non-brokered private placement of up to 13,800,000 units (the “Units”) at an offering price of
$0.05 per Unit, to raise gross proceeds of up to $690,000 (the “Offering”), Sixty North Gold is
pleased to report that it has closed on 9,980,000 units raising gross proceeds of $499,000.
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 $0.08 per Share for a period of one (1) year from the
date of closing of the Offering, provided that if the closing market price for the Issuer's common
shares is greater than $0.16 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 September 10, 2024.
Finders fees of $1,760, plus 35,200 finders warrants on the same terms as the unit warrants will
be paid as part of this financing. Insiders are par.cipa.ng in $400,000 of the financing.
The net proceeds from the Offering will be used to fund claim maintenance, con.nued
explora.on and development of the Company’s proper.es, as well as general corporate
purposes.
Dr . D.R. Webb Ph.D., P .Geol., P .Eng. is the QP within the meaning of NI 43-101 and is
responsible for the technical details of this release.
About the Company
The Company is developing mining opera.ons for gold on its 100%-owned Mon Gold Property,
40 km north of Yellowknife, NWT . Past produc.on extracted 15,000 tonnes of ore to depths of
only 15 m below surface, recovering an es.mated 15,000 ounces of gold in the 1990’s (NI
43-101, August 2023). There is a discrepancy between the reconciled produc.on grade (30.7
gpt) and the grade reported for royalty and tax purposes (10.02 gpt). The former reconciles
tailings grade and recoveries and matches sample grades completed by the Company whereas
the lajer figure is unsupported. The North Ramp has been reopened and has been extended to
within 60 m of the target por.on of the vein. The Company plans to extend the ramp to where
some high-grade historic holes intersected the vein beneath the previously mined stopes. The
plan is to install cross-cuts and raises within the vein to extract and stockpile the vein material
on surface. Upon confirma.on of the grade and tonnage, a permijed mill will be brought in to
process this and ongoing mined material.
The property also hosts an outcropping precious-metals rich VMS showing and has four
modeled geophysical targets along strike within felsic tuffs, lithic and lapilli tuffs. There are
plans to drill these when it is appropriate.
For more informa.on, 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 Webb
Tel.: 604 818-1400
Email: [email protected]
Website: 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.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE
CONTENT OF THIS PRESS RELEASE.
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