Source: Sixty North Gold Mining Ltd.
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  • Sixty North Gold (SXTY) has closed the second and final tranche of its non-brokered private placement
  • The company issued 11,494,260 units at $0.065 per unit for gross proceeds of $747,126.90
  • The total net proceeds raised from the offering were $2,119,560.69
  • The net proceeds will be used for further exploration and development of the Mon Gold Property
  • Sixty North Gold is focused on bringing its Mon Mine back into production
  • Sixty North Gold Mining Ltd. (SXTY) opened trading at C$0.07 per share

Sixty North Gold (SXTY) has closed the second and final tranche of its non-brokered private placement.

The second tranche consisted of 11,494,260 units at an offering price of $0.065 per unit for gross proceeds of $747,126.90.

Each unit consisted of one common share and one non-transferable share purchase warrant. Each warrant is exercisable to purchase one additional share at an exercise price of $0.10 until August 12, 2023.

The total net proceeds raised from the offering were $2,119,560.69.

The net proceeds will be used for further exploration and development of the Mon Gold Property, NWT, and general working capital.

Securities issued are subject to a holding period expiring on December 13, 2021.

Sixty North Gold is focused on bringing its Mon Mine back into production and has crews preparing the site to commence mining. The Mon Mine produced 15,000 ounces of gold from 15,000 tonnes of ore between 1989 and 1997, operating on a seasonal basis to a depth of 15 m below surface, with gold prices generally averaging between US$350 and US$400 per ounce.

The company also has an option agreement to acquire a 100 per cent interest in the 2,394 hectares Hangstone Property adjoining the Mon Property to the East and South from an independent prospector.

Sixty North Gold Mining Ltd. (SXTY) opened trading at C$0.07 per share.

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