- Sixty North Gold (SXTY) has announced plans for a non-brokered private placement
- Up to 23,076,923 units will be offered at a price of $0.065 per unit, realizing gross proceeds of up to $1.5 million
- Net proceeds will be used to advance exploration activities at the company’s Mon Gold Property
- Sixty North Gold is focused on restarting the high-grade past-producing Mon Mine
- Sixty North Gold Mining Ltd. (SXTY) is trading at C$0.065 per share at 10:30 am ET
Sixty North Gold (SXTY) has announced plans for a non-brokered private placement of up to 23,076,923 units. Units will be offered at a price of $0.065 per unit, to raise gross proceeds of up to $1.5 million. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant can be exercised for one additional common share at an exercise price of $0.10 per share for a period of two years from the date of closing. The terms of the offering are subject to satisfactory notice to the Canadian Securities Exchange.
The net proceeds of the offering will be used to advance exploration activities at the company’s Mon Gold Property, as well as for general working capital.
Finders’ fees may be paid on the offering pursuant to the policies of the Canadian Securities Exchange.
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. Permits to mine and mill at 100 tpd are in place, making the Mon Mine the only gold project permitted for production in the NWT. Crews are currently on site and mining will commence once the infrastructure is in place and operating properly.
Other targets on the property include recently discovered silver- and gold-rich volcanogenic massive sulphide (VMS) targets, as well as shear zone-hosted gold mineralization. The shear zones are similar in nature to and hosted in the same rocks as, the world-class deposits at the Con and Giant Mines in Yellowknife which produced 14 million oz. gold.
The company also has an option agreement to acquire a 100% interest in the highly prospective and contiguous 2,394 hectare Hangstone Property adjoining the Mon Property to the East and South from an independent prospector.
Sixty North Gold Mining Ltd. (SXTY) is trading at C$0.065 per share at 10:30 am ET.