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Sixty North announces brokered private placement of flow-through shares and non flow-through units

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The company will use the proceeds for further exploration and development work on its Mon Gold Property, for further underground development work and general working capital purposes.

Additional Information:

Company: Sixty North Gold Mining
Website: http://www.sixtynorthgold.com
Stock Symbol: CSE: SXTY
Date Published: Oct 23, 2018
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Sixty North Gold Mining has announced a brokered private placement to raise gross proceeds of up to $2,250,000.

The offering will consist of up to 7.7 million flow-through shares priced at $0.13 per share, subject to a minimum raise of $500,000.

The company is also offering up to 12,500,000 non flow-through units priced at $0.10 per unit.

Each unit consists of 1 share and one-half a warrant, with each full warrant exercisable at $0.20 for 24 months, subject to an acceleration clause.

Mackie Research Capital is the agent for the offering and has an over-allotment option to increase the size of the offering by up to 15%.

The company will use the proceeds for further exploration and development work on its Mon Gold Property, for further underground development work and general working capital purposes.

The Mon Gold Project, located 40 kilometres north of Yellowknife, in the Yellowknife Greenstone Belt, NWT, Canada, consists of 11 contiguous mining leases and 3 mineral claims, covering 1,537 acres.

The Mon Gold Project, a quartz shear/vein deposit, operated as an underground mine from 1989 - 1997 until closure due to low gold prices.

Sixty North Gold has an option to earn an 80% interest in the project, subject to a 20% carried interest held by New Discovery Mines Limited, the current property owner, and a 2.0% NSR.

The company recently completed a trenching program on four target areas, exposing mineralized shear zones up to 22 metres wide.

The trenching program tested mineralized shear zones from the 3,300 metre long West Mafic Trend where 223 grab and chip samples have been collected along this length, averaging 2.78 grams per tonne gold.

Additional sample results are being received and results will be released when available.

John Campbell, Chairman, stated: "The trenching has focused on well mineralized portions of laterally
extensive shear zones exposed along the margins of broad overburden covered areas. These zones occur in rocks similar to those that host the gold deposits in Yellowknife.”

The shares, which started trading on the CSE in April, are currently trading at $0.085.

For more information, please visit the company’s website at www.sixtynorthgold.com, contact Ron Handford, CEO, at 604-230-4263 or email rhandford@sixtynorthgold.com.

I’m Megan Edwards for Investmentpitch Media