Summary – 55 North Mining Inc. closed a non‑brokered flow‑through private placement on February 27, raising $1,268,586.02. – The company issued 1,702,800 flow‑through (FT) common shares at $0.745 per share. No warrants were included; all securities carry a four‑month hold period. – Proceeds are dedicated to exploration at the high‑grade Last Hope Gold Project (Manitoba): drilling, geochemical sampling and geophysics. One drill rig is currently operating on site.
– Investors should confirm tax treatment with advisors and review company filings for detailed renunciation and expense documentation.
Headlines: 55 North closes flow‑through financing to fund Last Hope exploration
What happened On February 27, 55 North Mining Inc. completed a non‑brokered flow‑through private placement to accelerate field work at its Last Hope Gold Project in Manitoba. The company issued 1,702,800 FT common shares at $0.745 per share, raising $1,268,586.02 in gross proceeds. The placement was clean equity — no warrants attached — and all securities are subject to the standard four‑month hold under Canadian securities rules.
Why it matters Flow‑through financings are a staple for junior Canadian explorers because they pair near‑term cash with tax incentives that appeal to Canadian investors. For 55 North, this infusion secures funds to keep drilling and other on‑the‑ground programs moving. However, the ultimate value of the financing hinges on two things: exploration results and the company’s ability to properly incur and document qualifying Canadian exploration expenses (which the issuer must renounce to investors under the Income Tax Act).
How the money will be used 55 North says proceeds will be spent exclusively on eligible exploration activities at Last Hope that qualify under Canadian FT rules. Planned work includes: – Diamond drilling – Geochemical sampling and analysis – Geophysical surveys The company will record and document expenditures to preserve the tax attributes attached to the FT shares and enable investors to claim the applicable deductions and credits once renunciations occur.
On‑site activity and timeline Field crews are mobilized and one drill rig is actively operating. Current tasks include continuous drilling, logging, sample preparation and data compilation. Assays and data interpretation will follow industry workflows; the company has committed to providing operational updates as assay results become available.
Investor and tax implications – Tax treatment: FT shares carry specific tax attributes under the Income Tax Act once the issuer formally renounces qualifying expenditures. Investors should consult tax advisors and confirm receipt of renunciation documentation before relying on tax benefits. – Reporting to watch: assay timelines, rate of qualifying expenditures, and explicit disclosure tying spending to field work. Clear, dated reporting reduces investor uncertainty and helps model after‑tax returns and potential dilution. – Risks: failure to complete eligible work or to document expenditures properly can affect the value of tax attributes and expose investors to unexpected tax outcomes.
Governance and compliance Proper governance matters with flow‑through financings. Boards should ensure accurate accounting for renunciations, independent oversight of exploration budgets and transparent reporting of invoices and work locations. Regulators and auditors scrutinize these financings, so timely, itemized disclosure is important.
What to expect next 55 North will publish further operational updates as assays are returned and interpreted, and as the company finalizes its schedule of qualifying expenditures. Market participants should monitor subsequent news releases and regulatory filings for assay summaries, renunciation details, and any material program changes.
Risk statement (plain language) The financing funds exploration but does not guarantee discovery, project economics, permitting outcomes, or future access to capital. Investors bear both the upside of successful exploration and the risk that work may not meet statutory requirements for FT treatment.
Company profile and contacts 55 North Mining Inc. is a Canadian exploration company focused on the Last Hope Gold Project in Manitoba. For authoritative details, consult the company’s official disclosures and regulatory filings.
What happened On February 27, 55 North Mining Inc. completed a non‑brokered flow‑through private placement to accelerate field work at its Last Hope Gold Project in Manitoba. The company issued 1,702,800 FT common shares at $0.745 per share, raising $1,268,586.02 in gross proceeds. The placement was clean equity — no warrants attached — and all securities are subject to the standard four‑month hold under Canadian securities rules.0
What happened On February 27, 55 North Mining Inc. completed a non‑brokered flow‑through private placement to accelerate field work at its Last Hope Gold Project in Manitoba. The company issued 1,702,800 FT common shares at $0.745 per share, raising $1,268,586.02 in gross proceeds. The placement was clean equity — no warrants attached — and all securities are subject to the standard four‑month hold under Canadian securities rules.1
