55 North Mining Inc. Completes Shares-for-Debt Settlement
December 19 2019 - 1:39PM
55 North Mining Inc. (“
55 North”
or the “
Company”) announces that it has finalized
the settlement of $110,000 in indebtedness of the Company to a
service provider through the issuance of units (the “
Debt
Settlement”). Each unit (a “
Unit”)
consists of one common share of the Corporation (a “
Common
Share”) and one common share purchase warrant (a
“
Warrant”). Each Warrant entitles the holder to
purchase one Common Share for a period of thirty-six months from
the date of issuance at $0.06. Pursuant to the Debt Settlement, the
Company will issue 2,200,000 common shares of the Company (the
"
Shares") at a deemed price of $0.05 per Share and
2,200,000 Warrants.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce ReidChief Executive
Officer, Director55 North Mining Inc.br@idahochamp.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.
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