/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TSX Venture Exchange Symbol FNR
SASKATOON, Nov. 6, 2018 /CNW/ - 49 North Resources Inc.
("49 North" or the "Company") (TSXV: FNR), announces
that it will be completing a rights offering (the "Rights
Offering") in which holders of record of the Company's common
shares, as at the record date of November
14, 2018, will receive rights to subscribe for Rights
Offering Shares of the Company on the basis of one right for each
common share held.
Two rights will entitle the holder to subscribe for one common
share of the Company (a "Rights Offering Share") upon
payment of a subscription price of $0.02 per Rights Offering Share. Any fractional
entitlements to subscribe for Rights Offering Shares will be
rounded down to the next lowest whole number of Rights Offering
Shares, and no cash or other consideration will be paid in
lieu.
The rights will trade on the TSX Venture Exchange
("TSXV") under the symbol FNR.RT. The Rights Offering will
expire at 5:00 p.m. (Saskatoon time) on December 7, 2018 (the "Expiry Time"),
after which time unexercised rights will be void and of no value.
Shareholders who fully exercise their rights will be entitled to
subscribe for additional Rights Offering Shares, if available as a
result of unexercised rights prior to the Expiry Time, subject to
certain limitations set out in the Company's rights offering
circular (the "Circular").
Details of the Rights Offering will be set out in the rights
offering notice (the "Notice") and the Circular which will
be available under the Company's profile at www.sedar.com. The
Notice and accompanying rights certificate will be mailed to each
eligible shareholder of the Company as at the record date.
Registered shareholders who wish to exercise their rights must
forward the completed rights certificate, together with the
applicable funds, to the rights agent, Alliance Trust Company, on
or before the Expiry Time. Shareholders who own their common shares
through an intermediary, such as a bank, trust company, securities
dealer or broker, will receive materials and instructions from
their intermediary. Rights delivered to brokers, dealers or other
intermediaries may not be delivered by those intermediaries to
beneficial shareholders who are residents in a jurisdiction outside
of Canada ("Ineligible
Shareholders"). Intermediaries receiving rights that would
otherwise be deliverable to Ineligible Shareholders may attempt to
sell those rights for the accounts of such Ineligible Shareholders
and should deliver the proceeds of sale to such persons.
The Company understands that certain directors and officers of
the Company who own common shares intend to exercise their rights
to purchase Rights Offering Shares under the Rights Offering.
The Company currently has 60,378,102 common shares outstanding.
A maximum of 30,189,051 Rights Offering Shares will be issued under
the Rights Offering. If all the rights issued are validly
exercised, the offering will raise gross proceeds of approximately
$603,781, the net proceeds of which
will be used to increase the size of the Company's investment
portfolio of shares and other securities of junior and intermediate
mineral and oil and gas exploration companies.
The completion of the Rights Offering is not subject to 49
North receiving any minimum amount of subscriptions. The
Company has not entered into any standby guarantee with any party
in respect of the Rights Offering.
The Rights Offering is subject to regulatory approval, including
the approval of the TSXV. The Company has obtained conditional
approval from the TSXV.
49 North is a Saskatchewan
focused resource investment company. Our diversified portfolio
of assets includes investments in shares and other securities of
junior and intermediate mineral and oil and gas exploration
companies.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED
UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Forward Looking Statements
This release includes
forward-looking statements regarding 49 North and its
business. Such statements are based on the current
expectations and views of future events of 49 North's
management. In some cases the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to complete the rights offering, known and unknown risk
factors and uncertainties affecting 49 North, including risks
regarding the junior and intermediate mineral and oil and
gas exploration industry, economic factors and the equity
markets generally and many other factors beyond the control of 49
North. No forward-looking statement can be guaranteed.
Forward-looking statements and information by their nature are
based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statement or
information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information.
Forward-looking statements speak only as of the date on which they
are made and 49 North undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE 49 North Resources Inc.