(MENAFN - Newsfile Corp) Sixty North Gold Announces Closing of Non-Brokered Unit Offering
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2019) - Sixty North Gold Mining Ltd. (CSE: SXTY) (OTC Pink: SXNTF) (FSE: 2F4) (the "Company" or "Sixty North") -Further to the Company's press releases on August 14 and August 27, 2019, Sixty North is pleased to announce that it has closed its non-brokered private placement of 6,360,000 units (the " Units ") at $0.05 per Unit to raise gross proceeds of $318,000 (the " Offering ").Each Unit consisted of one (1) common share (a " Share "), and one (1) non-transferable share purchase warrant (a " Warrant ") exercisable to purchase one (1) additional Share at an exercise price of $0.10 per Share until August 31, 2021, subject to accelerated exercise provisions if the closing price of the Shares is greater than $0.30 per Share for a period of at least 10 consecutive trading days.Mackie Research Capital Corporation acted as a finder, and was paid a cash commission of 8.0% and issued compensation Warrants to purchase up to 500,000 Shares.
The net proceeds of the Offering will be used for further exploration and development of the Mon Gold Property, NWT, and the Company's general working capital requirements.
The securities for the Offering will bear legends restricting resale until December 31, 2019.
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 Prospectus dated January 19, 2018 available on SEDAR ( www.sedar.com ), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ "Gavin Kirk"
Chief Executive Officer and Director
For further information, please contact:
John Campbell, 604-961-0175
Not for distribution to United States newswire services or for dissemination in the United States.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any securities 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 Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or an exemption from such registration requirements is available.
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.
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