Toronto, Ontario – December 4, 2020 – 55 North Mining Inc. (“55 North” or the “Company”) is pleased to announce that that it has closed an additional tranche of a non-brokered private placement for gross proceeds of $200,000 in non-flow-through financing. In total, the Company has raised $4,426,113 in gross proceeds, consisting of $2,268,416 in flow-through financing and $2,157,697 in non-flow-through financing.
The non-flow-through financing consisted of 1,333,334 units (“NFT Units”) priced at $0.15. Each NFT unit is comprised of one common share and one common share purchase warrant entitling the holder to acquire one additional common share of the Company at a price of $0.30 per share for 48 months from the date of issuance.
All common shares issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance.
The Company paid a finder’s fee in cash totalling $16,000 to certain eligible finders on the NFT Units sold. The Company paid 106,666 compensation options (“Compensation Options”) to certain eligible finders of the NFT Units. Each Compensation Option is exercisable at a price of $0.15, any time prior to the date 48 months from the date of closing. Each Compensation Option entitles the holder to purchase one unit, with each unit consisting of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share at a price of $0.30 per share for a period of 48 months from the date of closing.
The proceeds from the sale of NFT Units will be used for general working capital purposes.
About 55 North Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute “forward-looking statements.” Such forward-looking 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.