Sixty North Gold Mining Ltd. Raises Additional Funds with Second Tranche Closing
Vancouver, British Columbia – In an exciting development, Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (“Sixty North Gold” or the “Company”) is thrilled to announce the successful completion of the second and final tranche of its previously announced non-brokered private placement financing. This closing follows the initial tranche that was completed on March 18, 2025.
Details of the Second Closing
Sixty North Gold issued a total of 1,737,500 units (the “Units”) at an offering price of $0.0825 per Unit, raising an additional gross proceeds of $143,343.75. Each Unit consists of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share at an exercise price of $0.12 for a period of 24 months from the closing date.
Use of Proceeds
The net proceeds from this financing will be used primarily for exploration and development activities at the Company’s flagship Project, the North Air Gold Project, located in Nunavut, Canada. The remaining proceeds will be allocated towards general working capital and administrative expenses.
Impact on Sixty North Gold and Its Shareholders
With this additional funding, Sixty North Gold will be able to advance its exploration plans at the North Air Gold Project more aggressively. This is a significant milestone for the Company, as it brings it one step closer to potentially discovering economically viable gold deposits. The successful closing of the second tranche also demonstrates strong investor confidence in Sixty North Gold’s business strategy and growth potential.
Impact on the Global Mining Industry
The mining industry, particularly gold mining, has been experiencing a resurgence in recent years due to increased investor interest and rising gold prices. Sixty North Gold’s successful financing is a testament to this trend and is expected to fuel further exploration and development activities in the sector. As a result, we can anticipate increased competition for valuable mining projects and potential consolidation among smaller players.
Conclusion
Sixty North Gold Mining Ltd.’s successful closing of the second tranche of its private placement financing is a significant achievement for the Company and its shareholders. With the additional funds, Sixty North Gold will be able to advance its exploration plans at the North Air Gold Project more aggressively. This development is also a positive sign for the global mining industry, as it indicates strong investor confidence and a resurgence in exploration and development activities.
- Sixty North Gold Mining Ltd. closes the second and final tranche of its private placement financing.
- The Company raised an additional $143,343.75 in gross proceeds.
- The proceeds will be used primarily for exploration and development activities at the North Air Gold Project.
- This funding demonstrates strong investor confidence in Sixty North Gold’s business strategy and growth potential.
- The successful closing of the second tranche is a positive sign for the global mining industry.
