SGX Resources Inc. Announces Closing of Private Placement Offering of Flow-Through Shares

About this update from 55 North Mining Inc.

[{"type":"text","content":"\n\n\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR\n DISTRIBUTION TO U.S. NEWS WIRE SERVICES./\n\n\nWINNIPEG, Dec. 22, 2011 /CNW/ - Mr. Dale Ginn, Chief Executive Officer\n of SGX Resources Inc. (the \"Corporation\"), a company listed on the TSX\n Venture Exchange under the symbol \"SXR\", today announced the closing of\n its previously announced private placement offering (the \"Offering\") of\n common shares issued as \"flow-through shares\" within the meaning of the\n Income Tax Act (Canada) (\"Flow-Through Shares\"). At the closing the Corporation issued\n 10,000,000 Flow-Through Shares at a price of $0.25 per Flow-Through\n Share for aggregate gross proceeds of  $2,500,000.\n\n\nThe Flow-Through Shares issued pursuant to the Offering will be\n restricted from transfer for a period of four months and a day in\n accordance with applicable securities laws.\n\n\nCertain companies and individuals assisted the Corporation by\n introducing potential subscribers for the Offering and received a fee,\n payable in cash, equal to 5% of the total subscription proceeds\n received from subscribers introduced to the Corporation by each\n particular person. No broker warrants were issued in connection with\n the Offering.\n\n\nProceeds from this offering will be used in the exploration and\n development of the Corporation's primary Timmins area projects:\n\n\nTimmins South where an aggressive drilling campaign is seeking large\n near surface gold deposits in the Sothman Township located\n approximately 60 kilometers south of Timmins.\n\n\nTimmins North where drilling is extending and defining the high grade\n Tully deposit located approximately 25 kilometers north of Timmins.\n\n\nWestern properties where geophysical and drill programs are seeking gold\n deposits to the west of Timmins in the Carscallen and Ogden Townships.\n\n\nThe closing of the Offering is subject to the final approval of the TSX\n Venture Exchange.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of the contents of\n this News Release.\n\n\n Dale Ginn, Chief Executive Officer of SGX Resources Inc., at (204) 774-6771 or (204) 794-5818 \n","length":2637,"tagName":"div"}]

More updates from 55 North Mining Inc.