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55 North Mining Inc. — Capital/Financing Update 2022
Jan 27, 2022
46527_rns_2022-01-27_ae3048e9-9978-4e86-89b8-b982611ff411.pdf
Capital/Financing Update
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55 North Mining Inc. Announces Completion of Shares-forDebt Settlement
Toronto, Ontario – January 27, 2022 – 55 North Mining Inc. (“ 55 North ” or the “ Company ”) reports that its board of directors has approved the settlement of $60,500 of debt through the issuance of common shares of the Company (the " Debt Settlement "). Pursuant to the Debt Settlement, the Company issued 1,139,831 common shares of the Company (the " Shares ") at a deemed price of $0.05 per Share to certain creditors of the Company, including a director and an officers (the " Creditors ").
All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
As certain insiders participated in the Debt Settlement, it is considered to be a “related party transaction” under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”). All of the independent directors of the Company, acting in good faith, considered the transactions and have determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and (b) and 5.7(b) of MI 61-101.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid Chief Executive Officer, Director 55 North Mining Inc. [email protected]
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.