ACCESS Newswire
28 Nov 2020, 03:32 GMT+10
TORONTO, ON / ACCESSWIRE / November 27, 2020 / 55 North Mining Inc. ('55 North' or the 'Company') is pleased to announce that that due to strong market demand for its non-flow-through as well as flow-through units, it has closed an additional tranche of a non-brokered private placement for gross proceeds of $599,777 consisting of $504,777 in non-flow-through financing and $95,000 in flow-through financing. In total, the Company has raised $4,226,113 in gross proceeds, consisting of $2,268,416 in flow-through financing and $1,957,697 in non-flow-through financing.
The non-flow-through financing consisted of 3,365,183 units ('NFT Units') priced at $0.15. Each NFT unit is comprised of one common share and one common share purchase warrant entitling the holder to acquire one additional common share of the Company at a price of $0.30 per share for 48 months from the date of issuance.
The flow-through financing consisted of 475,000 flow-through units ('FT Units') priced at $0.20. Each FT Unit is comprised of one flow-through common share and one non-flow-through purchase warrant entitling the holder to acquire one additional common share of the Company at a price of $0.30 per share for 48 months from the date of issuance.
All common shares issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance.
The Company paid a finder's fee in cash totalling $21,200 to certain eligible finders on the NFT Units sold, and $1,600 on the FT Units sold. The Company paid 141,333 compensation options ('Compensation Options') to certain eligible finders of the NFT Units, and 8,000 compensation options to certain eligible finders of the FT Units. Each Compensation Option is exercisable at a price of $0.15 if paid as commission on a NFT Unit financing, and $0.20 if paid as commission on a FT Unit financing, any time prior to the date 48 months from the date of closing. Each Compensation Option entitles the holder to purchase one unit, with each unit consisting of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share at a price of $0.30 per share for a period of 48 months from the date of closing. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of $0.30 per share for 48 months from the date of issuance.
The proceeds from the sale of the FT Units will be used for expenditures which qualify as Canadian Exploration Expenses ('CEE') within the meaning of the Income Tax Act (Canada), and will be incurred no later than December 31, 2021 on properties situated in the Province of Manitoba. The Company will renounce such CEE expenditures with an effective date of no later
than December 31, 2020. The proceeds from the sale of NFT Units will be used for general working capital purposes.
About 55 North Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
[email protected]
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute 'forward-looking statements.' Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE: 55 North Mining Inc.
Get a daily dose of Canada Standard news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Canada Standard.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
(Photo credit: Jerome Miron-Imagn Images) The Baltimore Orioles are on a roll. Now it's a matter of keeping it up. They go into...
(Photo credit: Charles LeClaire-Imagn Images) The Minnesota Twins will try to make it three series victories in a row when they take...
(Photo credit: Aaron Doster-Imagn Images) Cody Bellinger spent the past two years rejuvenating his career with the Chicago Cubs....
(Photo credit: Tim Vizer-Imagn Images) The St. Louis Cardinals are giving struggling starting pitcher Erick Fedde at least one more...
Dallas [US], July 12 (ANI): Kieron Pollard may be a batting coach for Mumbai Indians (MI) in the Indian Premier League (IPL), a fitting...
(Photo credit: Wendell Cruz-Imagn Images) Cody Bellinger hit three homers for the first time in his career and drove in six runs,...