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  • 79North (JQ) has completed a first tranche of a non-brokered private placement
  • 11,200,000 units were issued under the first tranche for gross proceeds of $560,000
  • The proceeds from the first tranche will be used primarily for exploration activities at the company’s properties in Suriname
  • 79North is a mineral exploration company focused on the exploration and mining of gold and other minerals
  • 79North Inc. (JQ) is unchanged on the day, trading at C$0.05 per share at 2:45 pm ET

79North (JQ) has completed a first tranche of a non-brokered private placement.

The first tranche consists of 11,200,000 units at $0.05 per unit for gross proceeds of $560,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share until July 15, 2024. The warrants are subject to an acceleration clause.

The net proceeds from the first tranche of the offering will be used primarily for exploration activities at the company’s properties in Suriname, and for general working capital.

All of the securities issued in the offering are subject to a statutory hold period which will expire on November 16, 2022.

79North is a mineral exploration company focused on the exploration and mining of gold and other minerals. 79North holds an indirect interest in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield.

79North Inc. (JQ) is unchanged on the day, trading at C$0.05 per share at 2:45 pm ET.

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