Vancouver, British Columbia--(Newsfile Corp. - November 13, 2018) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (OTCQB: SXNTF) ("Sixty North" or the "Company") announces that further to its press release dated October 22, 2018 with respect to its offering of units (the "Units") by way of private placement with Mackie Research Capital Corporation (the "Agent") as lead agent and sole book runner, and in view of the current market price for its common shares, Sixty North has renegotiated the Unit offering price with the Agent from $0.10 per Unit to $0.08 per Unit, thereby reducing the gross proceeds of the Unit offering to $1,000,000. In addition, the exercise price of the Warrants (as defined below) has been revised from $0.20 per share to $0.15 per share. The other terms of the Unit offering, and the terms of the flow-through share offering, remain the same. The Agent still has the option to increase the size of the financings by up to another 15% for over-allotments (the "Over-allotment Option"), by written notice to the Company at any time at least 48 hours prior to the date of closing of the Financings (the "Closing Date").
Each Unit will consist of one (1) non flow-through common share (the "Shares") and one-half (1/2) of a non flow-through share purchase warrant (the "Warrants"). Each whole Warrant will be non-transferable and will entitle the holder to purchase one (1) additional non flow-through common share, exercisable at a price of $0.15 per share for a period of two (2) years from the Closing Date. In the event that the common shares of the Company trade at a closing price greater than $0.30 per share for a period of 10 consecutive trading days, then the Company may deliver a notice to the Warrant holders that they must exercise their Warrants within the next 30 days, or the Warrants will expire.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold 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 an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT. For more information, please refer to the Company's Prospectus dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Chairman, Chief Financial Officer and Director