TORONTO, Dec. 19, 2019 (GLOBE NEWSWIRE) -- 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 Reid
Chief Executive Officer, Director
55 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.