Business
Sixty North Gold Announces Closing of Two Non-Brokered Unit Offerings, with a Lead Order from Palisades Goldcorp Ltd., and Debt Settlements
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2020) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (the "Company" or "Sixty North") Closings
About this update from Sixty North Gold Mining Ltd
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 14, 2020) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (the \"Company\" or \"Sixty North\") Closings of Non-Brokered Private Placements Further to the Company's press releases on June 30, July 7 and August 3, 2020, Sixty North is pleased to announce that it has closed the balance of the non-brokered private placement of 14,020,000 units (the \"First Units\") at $0.05 per First Unit to raise additional gross proceeds of $701,000 (the \"First Offering\"). Each First Unit consisted of one (1) common share (a \"Share\"), and one (1) non-transferable share purchase warrant exercisable to purchase one (1) additional Share at an exercise price of $0.075 per Share until August 13, 2022, subject to accelerated exercise provisions if the closing price of the Shares is greater than $0.15 per Share for a period of at least ten (10) consecutive trading days (the \"First Warrants\"). Tri View Capital Ltd., Mackie Research Capital Corporation, PI Financial Corp. and Integral Wealth Securities Limited acted as finders for the final closing of the First Offering, and were paid a cash commission of 8.0%, and issued compensation warrants on the same terms as the First Warrants to purchase up to an aggregate of 1,139,600 Shares. The securities for the final closing of the First Offering will bear legends restricting resale until December 14, 2020. Sixty North has also closed the second non-brokered private placement of another 10,000,000 units (the \"Second Units\") at $0.05 per Second Unit, with a lead order from Palisades Goldcorp Ltd., to raise gross proceeds of $500,000 (the \"Second Offering\"). Each Second Unit consisted of one (1) Share, and one (1) non-transferable share purchase warrant exercisable to purchase one (1) additional Share at an exercise price of $0.075 per Share until August 11, 2023 (the \"Second Warrants\"). M Partners Inc. acted as a finder for the Second Offering, and was paid a cash commission of 8.0% and issued compensation warrants on the same terms as the Second Warrants to purchase up to 800,000 Shares. The securities for the closing of the Second Offering will bear legends restricting resale until December 12, 2020. The net proceeds of the offerings will be used for further exploration and development of the Mon Gold Property, NWT, and the Company's gene...