Sixty North Gold Mining Issues Early Warning Report
Sixty North Gold Mining Issues Early Warning Report
VANCOUVER, BC, May 23, 2023 – Sixty North Gold Mining Ltd. (CSE: SXTY, “Sixty North Gold” or
the “Company”) In connection with the closing of Sixty North Gold’s recently announced debt
settlements, David R. Webb (“David”), the Company’s President, Chief Executive Officer and a director,
and all persons acting jointly or in concert with David, have acquired, directly and indirectly, 1,000,000
common shares of the Company (the "Shares"), representing approximately 2.39% of the total issued
shares of the Company on a partially diluted basis (assuming exercise of David’s Warrants and stock
options only).
David, and all persons acting jointly or in concert with David, previously held 14,178,607 Shares,
8,875,000 Warrants and 805,000 incentive stock options, representing approximately 50.44% of the then
issued and outstanding Shares of the Company on a partially diluted basis (assuming the exercise of
David’s Warrants and stock options only). After the recent distribution described above, David now holds
or has control or direction over a total of 15,178,607 Shares, 8,875,000 Warrants, and 805,000 stock
options, representing approximately 48.25% of the total issued and outstanding Shares of the Company
on a partially diluted basis (assuming the exercise of David’s Warrants and stock options only).
David intends to hold the Shares for investment purposes. Depending upon market conditions and other
factors, David may from time to time acquire additional securities of the Company, dispose of some or all
of the existing or additional securities David holds in the Company, or will hold, or may continue to hold its
current position.
The debt settlements involving insiders of the Company constitute related party transactions for the
purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions
(“MI 61-101”), but the Company is relying on exemption from the formal valuation requirement in MI
61-101 provided under section 5.5(b) of MI 61-101 on the basis that the Company’s shares are not listed
on any of the specified markets listed in MI 61-101. The debt settlements are also exempt from the
majority of the minority approval requirement in MI 61-101 under section 5.7(1)(b) of MI 61-101 on the
basis that the fair market value of the insiders’ subscriptions is less than $2.5 million and was approved
by all of the independent directors of the Company.
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 extracted 15,000 tonnes of ore to depths of only 15 m below
surface, recovering an estimated 15,000 ounces of gold in the 1990 ’s (NI 43-101, August 2023). The
North Ramp has been reopened and has been extended to within 60 m of the target portion 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 confirmation of the grade and tonnage, a permitted mill
will be brought in to process this and ongoing mined material.
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 Webb
Tel.: 604 818-1400
Email: [email protected]
34180693.1
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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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept
responsibility for the adequacy or accuracy of this news release.
#202, 750 West Pender Street, Vancouver, BC, V6C 2T7
Ph: (604) 685-1144