🇨🇦 Sixty North Gold Announces Project Financing To Restart Operations At The High-Grade Mon Gold Mine

Sixty North Gold Mining Ltd has secured a binding commitment for a CAD 3.6 million term loan to advance development and restart activities at its Mon Gold Mine, located 45 kilometers north of Yellowknife in Canada’s Northwest Territories.

The company said the financing agreement was reached with Vesta Wealth Partners, providing a 36-month loan at 12 percent interest along with 6.65 million warrants exercisable at CAD 0.14. As part of the structure, Vesta will receive a 2.5 percent net smelter return royalty for a minimum of four years, along with first-ranking security over the mine’s assets.

Sixty North Gold noted that the funding package positions the company to move the Mon Gold Mine toward production by supporting development work, underground rehabilitation and further site preparation. The deal also includes governance provisions, adding two Vesta nominees to the company’s board of directors.

The company says the Mon Gold Mine, a past-producing project in the Yellowknife Greenstone Belt, represents one of the few permitted gold mines in the Northwest Territories ready for near-term restart pending development financing.

Sixty North Gold Mining Ltd is a Canadian gold exploration and development company focused on restarting the Mon Gold Mine, a high-grade past-producer located in the Yellowknife region of the Northwest Territories.