TORONTO, February 4, 2026 - 55 North Mining Inc. (CSE:FFF)(FSE:6YF) ("55 North" or the "Company") announces that it intends to complete a non-brokered flow-through private placement (the "Private Placement"). The Private Placement is expected to close on or about February 26, 2026, subject to customary closing conditions and regulatory approvals.
The Company intends to issue 1,596,000 flow-through common shares (the "FT Shares") at a price of $0.745 per FT Share for aggregate gross proceeds of approximately $1,189,020.
The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with the provisions of the Income Tax Act (Canada). No warrants are being issued in connection with the Private Placement. All securities issued pursuant to the Private Placement will be subject to a four-month hold period.
The gross proceeds raised from the Private Placement will be used to incur eligible Canadian exploration expenses that qualify as "flow-through mining expenditures" for purposes of the Income Tax Act (Canada), related to the exploration of the Company's Last Hope Gold Project.
In addition, the Company confirms that exploration drilling activities are underway, with one drill rig currently operating on the Last Hope Gold Project. A more detailed operational update will be provided in a subsequent news release.
About 55 North Mining Inc.
55 North Mining Inc. is a Canadian 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 55 North Mining Inc. Phone: 647-500-4495 bruce@mine2capital.ca
Mr. Vance Loeber Corporate Development Phone: 778-999-3530 cvl@tydewell.com
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.
SOURCE: 55 North Mining Inc
View the original press release on ACCESS Newswire
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