55 North Mining Inc. announced a private placement of 1,707,317 units at a price of CAD 0.041 per unit for a total gross proceeds of up to CAD 70,000 on May 6, 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. All the securities issued in connection with the financing will be subject to a statutory hold period of four months plus a day from the date of issuance.

The transaction included participation from Bruce Reid.