Sixty North Gold CEO acquires 8.0 million shares
Sixty North Gold Mining Ltd. [SXTY-CSE] said the company’s President and CEO David Webb, in connection with a recently announced private placement offering, has acquired 8.0 million shares and warrants to acquire another 8.0 million shares. That amounts to approximately 48.6% of the total issued and outstanding shares of the company on a partially diluted basis.
The purchaser, and all persons acting jointly or in concert with the purchaser, previously held 6.2 million shares, 875,000 warrants and 80,000 incentive stock options, amounting to approximately 24.9% of the then issued and outstanding shares of the company on a partially diluted basis.
On April 17, 2024, the company announced plans to complete a non-brokered private placement of 13.8 million units priced at $0.05 per unit, raising gross proceeds of $690,000. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant can be used to purchase one additional share for $0.08 for one year from the date of closing. Sixty North has subsequently said has closed on 9.9 million units, raising $499,000 in gross proceeds.
Sixty North is developing mining operations for the gold on its its past producing Mon Mine, which is located 40 kilometres north of Yellowknife, in the Canadian Northwest Territories.
Sixty North is working to re-start production at the Mon property.
The Mon Gold property consists of 11 contiguous mining leases and three mineral claims, covering 622 hectares, located in the South Mackenzie Mining District. Mon produced 15,000 ounces of gold from 15,000 tonnes of A-Zone ore between 1989 and 1997.
Sixty North gained an option to earn a 100% interest in the project from New Discovery Mines Ltd. (NDM), a private company owned and controlled by Webb.
The company said drilling has confirmed that mineralization extends at shallow depths below the old stopes. In addition, shear zone-hosted mineralization has been trenched at several locations on the Mon property. Drilling highlights include 7.33 g/t gold over 6.0 metres. The company said this mineralization is similar in nature to and hosted in the same rocks as the world class deposits at the Con and Giant mines in Yellowknife.
The company has said the North Ramp at Mon has been reopened and has been extended to within 60 metres of the target portion of the vein. The company said it plans to extend the ramp to where some high-grade historic holes intersected the vein beneath the previously mined stopes.
The plan is to install cross-cuts and raises within the vein to extract and stockpile the vein material on surface. Upon confirmation of the grade and tonnage later this year, a permitted mill will be brought in to process this and ongoing mined material, the company said.
On Friday Sixty North shares were unchanged at $0.08 and currently trade in a 52-week range of 18 cents and $0.03.