Toronto, Ontario - 55 North Mining Inc. (CSE: FFF) ('55 North' or the 'Company') announces that it has closed the first tranche of a private placement financing of 68,700,000 units (the 'Units') for proceeds of $687,000.
Each Unit is comprised of one common share (the 'Common Shares') and one common share purchase warrant (the 'Warrants') entitling the holder to acquire one additional common share at a price of $0.01 per share for a period of 48 months from the date of issuance.
All Common Shares issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance. The gross proceeds from the sale of the Units will be used for general corporate purposes and for exploration in its mineral property in Manitoba. The Warrants are exercisable only where the minimum exercise price becomes at least $0.05 per Common Share through consolidation.
The Company also completed a previously announced share-for-debt settlement for a total of $439,094.
About 55 North Mining Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.
Contact:
Mr. Bruce Reid
Email: [email protected]
Vance Loeber
Email: [email protected]
Tel: 604-805-3530
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute 'forward-looking statements.' Such forwardlooking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
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