Sixty North Gold Mining Ltd. (CSE: SXTY,OTC:SXNTF) (FSE: 2F40) (OTC Pink: SXNTF) (the “Company” or “Sixty North Gold”) announces that it has entered into debt settlements with certain officers and directors of the Company to settle a total of $105,000 in debt for accrued management and advisory fees over the period March 1, 2025 through September This will be settled on January 30, 2025 by the issuance and delivery of an aggregate of 954,543 shares of the Company’s common stock at an estimated value of $0.11 per share. GST on the outstanding amounts will be paid in cash by the Company. The shares are subject to resale restrictions for a period of four months and one day from the date of issue.
Debt arrangements with directors and officers of the Company constitute related party transactions within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company intends to rely on the exemption from the formal valuation requirement in MI 61-101 provided in section 5.5(b) of MI 61-101 on the basis that the Company’s shares are not listed on any of the specified markets listed in MI 61-101. The debt arrangements are also exempt from most of the minority approval requirement in MI 61-101 under section 5.7(1)(a) of MI 61-101 based on the fair market value of the debt arrangements being less than 25% of the company’s market capitalization.
About the company
Sixty North is developing gold mining operations at its 100 percent owned Mon Gold Project, which has mined 15,000 tonnes of ore from a depth of just 15 meters below the surface, and extracted an estimated 15,000 ounces of gold in the 1990s (Company Technical Report NI 43-101, August 3, 2023 on SEDAR+ or https://sixtynorthgold.com/projects/technical-report/. The North Ramp has been reopened and expanded to the target portion of the vein. The company plans to develop staging areas in the East Limb, West Limb and DD Zone to extract and feed a gravity flotation mill with a capacity of 100 tonnes per day.
There are further gold, silver and base metal targets on site and these will be explored and developed as necessary.
The Yellowknife gold camp is home to two mines that averaged 30 gpt of gold or better (Discovery Mine with one million ounces of gold produced, and Sixty North Gold’s Mon Mine), and two that averaged 15 gpt or better for a total production of more than 14 million ounces of gold (Con Mine and Giant Mine); (ref. Technical Business Report NI 43-101, August 3, 2023).
The technical content of this release has been reviewed and approved by Dr. DR Webb, P. Geol, President and CEO of Sixty North Gold Mines Ltd.
For more information, please refer to the company’s public filings available on SEDAR+ (www.sedarplus.ca), under the company profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, president and CEO
This press release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements relate, without limitation: the completion of the debt settlements described herein. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in the general economic and financial markets; timing and amount of capital expenditures; performance of services required by the Company; future operating costs; and receipt of regulatory approvals. Actual results may differ materially from those anticipated in these forward-looking statements as a result of risk factors, including regulatory risks; unexpected costs and expenses; availability of funds; market prices; and general market conditions. Forward-looking statements are based on the expectations and opinions of the company’s management on the date the statements are made. The assumptions used in preparing such statements, although considered reasonable at the time of preparation, may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements contained in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271940
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