Sixty North Gold Mining Announces Increase in Unit Offering and Second Unit Offering with a Lead Order from Palisades Goldcorp
Sixty North Gold Mining Announces Increase in Unit Offering and Second Unit Offering with a
Lead Order from Palisades Goldcorp
Vancouver, British Columbia - August 3, 2020 - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE:
2F4) (OTC Pink: SXNTF) (the "Company" or "Sixty North") pursuant to the Company's press release
dated June 30, 2020, Sixty North announced a non-brokered private placement of up to 6,000,000 units
(the "First Units") at an offering price of $0.05 per First Unit, to raise gross proceeds of up to $300,000
(the "First Offering"). The Company completed a first closing of this financing to raise initial gross
proceeds of $165,000, as announced by Sixty North on July 7, 2020.
The Company proposes to increase the size of the First Offering by an additional $608,000 for a total
issuance of up to 18,160,000 First Units. Each First Unit consists of one (1) common share of the
Company and one (1) share purchase warrant (the "First Warrants"). Each whole First Warrant will be
exercisable to acquire one additional common share at an exercise price of $0.075 per share for a period
of two (2) years from the dates of the closings of the First Offering. In the event that the common shares
of the Company trade at a closing price greater than $0.15 per share for a period of 10 consecutive trading
days, then the Company may deliver a notice to the First Warrant holders that they must exercise their
First Warrants within the next 30 days, or the First Warrants will expire.
The Company is pleased to further announce a second non-brokered private placement to raise up to
another $500,000 (the "Second Offering") of up to 10,000,000 units (the "Second Units") at an offering
price of $0.05 per Second Unit, with a lead order from Palisades Goldcorp Ltd. Each Second Unit will
consist of one (1) common share of the Company and one (1) share purchase warrant (the "Second
Warrants"). Each whole Second Warrant will be exercisable to acquire one additional common share at
an exercise price of $0.075 per share for a period of three (3) years from the date of closing of the Second
Offering.
The terms of the First and Second Offerings are subject to satisfactory notice to the Canadian Securities
Exchange.
The Company will pay finder's fees in connection with the First Offering and Second Offering as
permitted by law to certain finders, (the "Finders"), equal to up to 8.0% of the gross proceeds raised by
each Finder, and share purchase warrants (the "Finder's Warrants") equal to up to 10% of the number of
First Units or Second Units sold by each Finder, and the Finder's Warrants will be exercisable for
common shares on the same terms as the respective First Warrants or Second Warrants.
The net proceeds from the First and Second Offerings will be used to partially finance the Company's
acquisition of a 100% interest in the Mon Gold Property, NWT, and working capital for general and
administrative expenses.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a
demonstrated track record of making money and is backed by many of the industry's most notable
financiers. With junior resource equities valued at generational lows, management believes the sector is
on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in
undervalued companies and assets with the goal of generating superior returns.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal
exploration target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife,
NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising
an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. For more
information, please refer to the Company's profile on SEDAR (www.sedar.com) or visit the Company's
website at www.sixtynorthgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "David Webb"
David Webb,
President & Chief Executive Officer
604-818-1400
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 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.