SGX Resources Inc. / 55 North Mining Inc. – Corporate Update and Name Change
June 18 2018 - 4:03PM
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
SGX Resources Inc. (TSXV:SXR) (now named 55 North Mining
Inc.) (the
“Company”) announces that that
on June 6, 2018, SGX received shareholder approval for all items of
business set out in the management information circular dated April
30, 2018, including approval to consolidate its common shares and
name change. Accordingly, the Company has made application to
the TSX Venture Exchange (“Exchange”) seeking approval to reinstate
trading its common shares, to consolidate its share capital at a
ratio of 3:1, to change the Company’s name to 55 North Mining Inc.,
and to complete a private placement offering of up to $800,000.
Share Consolidation and Name
Change
The Company has completed a capital
restructuring by reducing the number of issued and fully paid
shares on the basis of one new SGX share having been issued in
return for three (3) old SGX shares presently held. The
consolidation will be instrumental in enabling the Company to
comply with pricing for the completion of a private placement
within the parameters of the policies prescribed by the Exchange,
and provides the Company with increased flexibility in negotiating
other such financing opportunities. As at today’s date there
are 135,194,169 common shares outstanding. Given the
consolidation on the basis of 3:1, the Company currently has
45,064,723 common shares outstanding. Contemporaneously with
the share consolidation, the Company’s name changed to 55 North
Mining Inc.
Letters of transmittal with respect to the name
change and share consolidation have been mailed to all of the
Company's registered shareholders. All registered shareholders will
be required to send the certificates representing their
pre-consolidated common shares, along with a properly executed
letter of transmittal, to the Company’s transfer agent, TSX Trust
Company, all in accordance with the instructions provided in the
letter of transmittal.
Up to $800,000 Private Placement
Offering
The Company further announces that it is
completing a non-brokered private placement offering of up to
13,333,333 flow through and non-flow through units (“Units”) at a
price of $0.06 per Unit, for gross proceeds of up to
$800,000. Each Unit is comprised of one common share of the
Company (which may be either flow through or non-flow through) and
one non-flow-through purchase warrant. Each full warrant
shall entitle the holder to acquire one common share of the Company
at a price of $0.07 per share for 24 months from closing. The
Company shall use the proceeds to incur exploration expenditures on
its Canadian projects, and for working capital.
In the event that the private placement is fully
subscribed, the Company will have an aggregate 58,398,056 common
shares outstanding.
Completion of the transactions set out in this
news release are subject to the receipt of approval of the
Exchange.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce
Reid
Chief Executive Officer, Director55 North Mining Inc.
br@bunkerhillmining.com
or
Ms. Jennifer BoyleDirector55
North Mining Inc.jennifer@capexgroupinc.com 416-904-2714
The TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) does not accept responsibility for the
adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
This news release of 55 North Mining
Inc. 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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