Sixty North Gold Announces Closing of First Tranche of Unit Offering

Core Viewpoint - Sixty North Gold Mining Ltd. has successfully closed its first tranche of financing, raising $257,100 through the sale of 4,285,000 units, which will be utilized for exploration and development of its Mon Gold Property and general working capital [1][4]. Financing Details - Each unit is priced at $0.06 and consists of one share and one-half of a common share purchase warrant, with each whole warrant exercisable at $0.10 for twelve months [2]. - If the market price exceeds $0.15 for ten consecutive trading days, the company can require warrant holders to exercise their warrants within 30 days [2]. - The offering's securities will have a resale restriction until February 23, 2026, and finder's fees of $8,000 in cash and 133,333 finder's warrants were paid [3]. Use of Proceeds - The net proceeds from the offering will be allocated towards further exploration and development of the Mon Gold Property in Northwest Territories, as well as for general working capital needs [4]. Company Overview - Sixty North Gold is focused on developing gold mining operations at its 100% owned Mon Gold Project, which previously extracted 15,000 tonnes of ore and recovered an estimated 15,000 ounces of gold in the 1990s [5]. - The North Ramp has been reopened and extended to target portions of the vein, with plans to develop stopes in various zones to support a 100 tonnes per day gravity-flotation mill [5]. Additional Exploration Potential - The property also contains additional gold, silver, and base metal targets that will be explored as warranted [6]. - The Yellowknife gold camp has a history of significant gold production, with two mines averaging 30 grams per tonne (gpt) and others averaging 15 gpt, contributing to over 14 million ounces of gold produced [6].