On July 26, 2022, 79North Inc. completed an upsized non-brokered private placement of 15,800,000 units at a price of $0.05 per unit for aggregate gross proceeds of $790,000. The offering closed in two tranches, the first closing on July 15, 2022 and the second occurring on July 26, 2022.
Each unit issued in the offering consists of one common share of 79North and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of 79North at $0.08 per common share until July 15, 2024, subject to an acceleration provision.
Cassels acted for 79North.