12 Exploration Inc. (CSE:TWLV) did a $4.5 million financing so it is well cashed up and ready to hit the ground running
Bob Moriarty | July 14, 2020 | SmallCapPower: This is easily going to be one of the more confusing articles I have ever written. There was a private company named 79North headed by Jon North. 79North did a reverse takeover with a public vehicle named 12 Exploration Inc. (CSE:TWLV).
(The following is an article originally published on 321gold.com on July 10, 2020)
But if you plug that into Stockwatch it takes you to the website of 79North, which doesn’t exist as a company and won’t until mid-August after shareholders vote on the new/old name, which they will because insiders hold a majority of the shares.
However, the good news is that like TriStar Gold (TSXV:TSG), 12 Exploration (TWLV) holds a greenstone gold system on top of a plateau in South America in a gold belt that extends from West Africa well into Venezuela. The garimpeiro miners in Surinam (used to be Dutch Guiana) have been mining placer gold from every stream and river coming off of the high ground for over a hundred years. The pork-knockers have taken millions of ounces of gold in that time. They are better miners than record keepers.
American investors will be a little frustrated since there is no OTCBB symbol just yet. The shares only came free trading three weeks ago. Prior to the reverse takeover, 79North did a $4.5 million financing so it is well cashed up and ready to hit the ground running.
TWLV is the only junior operating in Surinam, however, both Iamgold and Newmont have operating mines a short distance from the Nassau Plateau property of 12 Exploration. The company owns 80% of the 210 square km project. It is on trend with Newmont’s Merian mine that produced 393,000 ounces of gold in 2019.
The company is both young and aggressive. Jon North makes it clear that he intends to pick up other projects. Initial work at the Nassau site will consist of a LiDAR survey and geophysical groundwork. Drilling is probably a year off.
With just over $4 million in the kitty, the company is well positioned to advance the project. They are still in the clumsy stage, the website is way behind the news flow but it’s a brand new venture.
79North/12 Exploration is an advertiser and I did participate in the private placement. Do your own due diligence.
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