55 North Mining Inc. announced a non-brokered private placement of 20,000,000 units at a price of CAD 0.02 per unit for a total gross proceeds of up to CAD 400,000 on August 29, 2022. Each unit comprised of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price of CAD 0.05 per share for 48 months from the date of issuance. The company will pay a finders' fee or commission up to 8% in cash on eligible subscriptions. All the securities issued in the transaction will subject to hold period of four months plus a day from the date of issuance.

On the same date the company has issued 5,172,710 units for gross proceeds of CAD 103,454.20.