79North Inc. announced a non-brokered private placement of up to 14,000,000 units at a price of CAD 0.05 for aggregate gross proceeds of up to CAD 700,000 on June 29, 2022. Each unit consists of one common share and one-half of common share purchase warrant. Each warrant will entitle the holder to acquire an additional share at a price of CAD 0.08 per common share for a period of two years, post the closing of the transaction.

The transaction will involve participation from some insiders. Any securities to be issued under the offering will be subject to a hold period of four months and a day from the closing date of the offering in accordance with applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.