Vancouver, British Columbia--(Newsfile Corp. - August 14, 2019) - Sixty North Gold Mining Ltd. (CSE: SXTY) (OTC Pink: SXNTF) (FSE: 2F4) (the "Company" or "Sixty North") - Sixty North proposes to complete a non-brokered private placement of up to 5,000,000 units (the "Units") at an offering price of $0.05 per Unit, to raise gross proceeds of up to $250,000 (the "Offering"). Each Unit will consist of one (1) common share of the Company and one (1) share purchase warrant (the "Warrants"). Each whole Warrant will be exercisable to acquire one additional common share at an exercise price of $0.10 per share for a period of two (2) years from the date of closing of the Offering. In the event that the common shares of the Company trade at a closing price greater than $0.30 per share for a period of 10 consecutive trading days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire. The terms of the Offering are subject to satisfactory notice to the Canadian Securities Exchange.
The Company will pay finder's fees in connection with this placement: (i) a cash fee equal to 8.0% of the gross proceeds raised, and (ii) Warrants equal to 10% of the number of Units sold, as permitted under the policies of the Canadian Securities Exchange and applicable securities legislation.
The net proceeds from the Offering will be used to finance further exploration expenditures over the next 12 months on the Mon Gold Property, Northwest Territories, and to provide the Company with working capital for general and administrative expenses.
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/ "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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