55 North Mining Inc. Completes Second Tranche of Private Placement

55 North Mining Inc., a Canadian exploration company, announced the completion of the second tranche of a private placement. This phase involved the issuance of 54,200,000 units, raising $542,000. Combined with the initial tranche, the total funds raised amount to $1,220,000. Each unit contains one common share and one warrant, allowing the purchase of an additional share at $0.01 for 48 months. These shares have a statutory hold period of four months plus a day.

The funding will support general corporate activities and exploration of the Last Hope Gold Project in Manitoba. The exercise price for warrants is set at a minimum of $0.05 per share, previously agreed upon by shareholders in a vote for a share consolidation on a 15:1 basis. This strategic financial maneuvering highlights 55 North Mining's commitment to advancing its projects.