TORONTO, ON / ACCESS Newswire / July 7, 2025 / 55 North Mining Inc. (CSE:FFF) ("55 North" or the "Company") announces that it has closed the second tranche of a private placement financing of 54,200,000 units (the "Units") for proceeds of $542,000 bringing the total to $1,220,000.
Each Unit is comprised of one common share (the "Common Shares") and one common share purchase warrant (the "Warrants") entitling the holder to acquire one additional common share at a price of $0.01 per share for a period of 48 months from the date of issuance. All Common Shares issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance. The gross proceeds from the sale of the Units will be used for general corporate purposes and for exploration on it's mineral property in Manitoba.
The Warrants are exercisable only where the minimum exercise price becomes $0.05 per Common Share. Shareholders had previously approved a share consolidation of up to a 15:1 basis on November 18, 2024.
About 55 North Mining 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.
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or
Mr. Vance Loeber
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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.
