TSX Venture Exchange symbol FNR
SASKATOON, Jan. 3, 2012 /CNW/ - Mr. Tom MacNeill, the President and
Chief Executive Officer of 49 North Resources Inc. ("49 North") (TSXV:
FNR), is pleased to announce its 80% owned subsidiary, Kimpar Resources
Inc. ("Kimpar"), has completed a sale (the "Sale") to Captock Financial
Inc. ("Capstock") (TSXV: CPK) of Kimpar's legal and beneficial right,
title and interest in and to 246 mining claims comprising approximately
12,000 acres of copper-molybdenum lands, granite aggregate quarries and
a deposit of absolute black granite, all located in the Gaspe region of
Quebec (collectively, the "Properties") together with Kimpar's right,
title or interest in all information and all know-how respecting the
Properties. For further details respecting the Sale see Capstock's
Filing Statement dated effective December 19, 2011, news release dated
September 1, 2011 and news release dated December 30, 2011 (copies of
which are available under Capstock's profile at www.sedar.com).
The Sale constitutes the Qualifying Transaction for Capstock and
effective at the opening of market on January 3, 2012, the trading
symbol for Capstock changed from CPK.H to CPK, and the common shares of
Capstock began trading on the TSX Venture Exchange (the "TSXV").
Pursuant to the policies of the TSXV, Capstock is no longer a Capital
Pool Company and is now classified as a Tier 2 Mining issuer. The newly
appointed board of directors for Capstock consists of Andrew Davidson,
Denis Clement, Victor Goncalves and Tim Termuende, with R.A. Bruce
McDonald retaining his respective director position with Capstock.
The completion of the Sale marks a significant achievement in 49 North's
business strategy of enhancing shareholder value through the
advancement of early stage resource properties. With the closing of the
Sale, the Properties progress from a concept to a TSXV listed and
properly capitalized resource exploration project. Identifying the
potential of the Properties, 49 North used its experience in, and
knowledge of the junior resource sector to consummate this liquidity
49 North is a Saskatchewan focused resource investment company with
strategic operations in financial, managerial and geological advisory
services and merchant banking. Our diversified portfolio of assets
includes direct project involvement in the resource sector, as well as
investments in shares and other securities of junior and intermediate
mineral and oil and gas exploration companies. Additional information
about 49 North is available at www.sedar.com.
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.
For further information:
49 North Resources Inc.
President and Chief Executive Officer
306-653-2692 or email@example.com.