The company is looking to raise gross proceeds of up to $300,000 from the placement of up to 6 million units priced at $0.05 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.075 for 24 months, subject to an acceleration clause.
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Video Transcript:
I’m Megan Edwards for Investmentpitch Media
Sixty North Gold Mining, a junior gold development company, has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $300,000 from the placement of up to 6 million units priced at $0.05 per unit.
The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.075 for 24 months, subject to an acceleration clause.
The shares are currently trading at $0.04.
Sixty North is focused on the Mon Gold Project, located 40 kilometers north of Yellowknife in the Yellowknife Greenstone Belt, NWT, Canada, which consists of 11 contiguous mining leases and 3 mineral claims and comprises an aggregate 1,537 acres
It is a quartz shear/vein deposit which operated as an underground mine from 1989 - 1997 until closure due to low gold prices.
Mechanized trenching at the crown pillar in the A-Zone produced samples ranging from 1.2 grams per tonne gold over 0.9 meters, to 688 grams per tonne gold over 0.5 meters.
In 2018, metallurical testing of a quarter tonne sample from the A-Zone crown pillar yielded recoveries averaging 98.8% at a grade of 158 grams per tonne gold with a simple gravity and flotation circuit.
Land Use Permit and Water License for mining and milling at 100 tonnes per day are in place.
The company recently amended its agreement with New Discovery Mines Ltd.
The new agreement revises the milestones for the company's right to earn up to a 100% interest in the Mon Gold Property, by incurring expenditures of at least $6.0 million, of which $2.4 million has already been incurred, in addition to a few other terms.
John Campbell, Chairman and CFO, stated: "We are pleased to have agreed with NDM the revised schedule to funding the key milestones for the company, which should allow us to build the winter road and deliver equipment to site early in 2021, in preparation for a bulk sample of the underground, former-producing A-Zone. This schedule revision was required due to the disruptions to capital markets caused by the COVID-19 crisis."
For more information, please visit the company’s website at www.SixtyNorthGold.com, contact David Webb, President & CEO, at 604-818-1400 or by email at dave@drwgcl.com.
I’m Megan Edwards for Investmentpitch Media
