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Private Placement: Sixty North Gold Mining (CSE:SXTY)

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The company is looking to raise gross proceeds of up to $500,000 from the placement of up to approximately 7.7 million units priced at $0.065 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 24 months.

Additional Information:

Company: Sixty North Gold Mining
Website: http://www.SixtyNorthGold.com
Stock Symbol: CSE:SXTY
Date Published: Dec 7, 2020
Transcript: Available

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 $500,000 from the placement of up to approximately 7.7 million units priced at $0.065 per unit.

The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 24 months.

The shares are currently trading at $0.065.

The net proceeds, together with funds already advanced or available to the company, will be used to finance the balance of company's required advance to New Discovery Mines due by December 31, 2020, and working capital for general and administrative expenses.

John Campbell, Chairman and CFO, started: "We are pleased to have a financing mechanism in place which will keep us on track towards our earn-in milestone, and achieving our twin goals of having a 100% interest in this former producing and currently permitted-for-production Canadian gold project, and having the mine back in full production by the Spring of 2022."

After completing this raise, Sixty North will advance $750,000 to New Discovery, which, in addition to the $750,000 previously advanced, will meet the required funding for the acquisition of the Mon Gold Property, located 40 kilometers north of Yellowknife, Northwest Territories, within the prolific Yellowknife Gold Camp.

The $1.5 million will be deployed by New Discovery to fund the construction of a winter road and camp, to acquire smaller equipment and supplies, and to move Sixty North’s mining equipment stored in Yellowknife to the site, thereby enabling the company to start its planned bulk sample program in 2021.

Permits to explore, mine and mill at 100 tonnes per day are in place, and the Mon is the only gold project permitted for production in the NWT.

Other targets on the property include recently discovered silver and gold-rich volcanogenic massive sulphide targets as well as the giant shear zone-hosted gold mineralization.

The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989-1997.

The shear zone is similar in nature to, and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife which produced 14 million ounces gold.

The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 622 hectares, located in the South MacKenzie Mining District, Northwest Territories.

The company also has an option agreement to acquire a 100% interest in the highly prospective contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South.

The Mon Property shear zone and VMS targets can be projected onto the Hangstone Property.

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