- Sixty North Gold Mining (SXTY) has announced a share consolidation proposal and a private placement of units
- Under the share consolidation proposal, the company would consolidate its common shares on the basis of one post-consolidation share for each ten pre-consolidation shares
- Following the share consolidation, Sixty North Gold proposes to complete a non-brokered private placement to raise gross proceeds of up to $500,000
- Sixty North Gold is developing mining operations on the Mon Gold Property in NWT
- Sixty North Gold Mining opened trading at C$0.035
Sixty North Gold Mining (SXTY) has announced a share consolidation proposal and a private placement of units.
Under the share consolidation proposal, the company would consolidate its common shares on the basis of one post-consolidation share for every ten pre-consolidation shares, subject to the acceptance of the Canadian Securities Exchange. Any fractional shares of less than 0.5 will be rounded down to the nearest lower whole share, and fractional shares of 0.5 or more will be rounded up to the nearest higher whole share.
The share consolidation was approved by the company’s directors.
Following the share consolidation, Sixty North Gold proposes to complete a non-brokered private placement to raise gross proceeds of up to $500,000.
The company will issue up to 1,785,715 units for $0.28 per unit. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant may be exercised to acquire one additional common share for a period of two years. The company may pay finder’s fees in connection with this placement of 8.0 per cent of the gross proceeds raised by an arm’s length finder.
The net proceeds will be used to further explore and develop the Mon Gold Property, NWT, and the Company’s general working capital requirements.
Sixty North Gold is developing mining operations on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising a total of 1,537 acres, located in the South MacKenzie Mining District, NWT. Eight additional mineral claims and one other mining lease are controlled under an option totalling 5,500 acres.
Sixty North Gold Mining opened trading at C$0.035.