55 North Mining Secures $3.6M in Private Placement to Initiate Drilling Programs

55 North Mining Inc. has successfully closed the first tranche of its non-brokered private placement, securing approximately $3.587 million. This tranche involves the issuance of 7,174,000 common shares at $0.50 each, aligning with the company's prior announcement.

This financing includes 300,240 common shares issued as finders' compensation and 150,120 finders' warrants. These warrants are exercisable over 24 months at $0.50 per share. The funds raised are earmarked for property payments, initiating drilling programs, and general corporate overhead. Further tranches are expected soon, conditions permitting.

CEO Bruce Reid expressed satisfaction with the investor interest, highlighting the company's readiness to begin its winter drill program at the Last Hope Gold Project in Manitoba.