TSX Venture Exchange symbol FNR
SASKATOON, Sept. 17, 2012 /CNW/ - 49 North Resources Inc. ("49 North")
announced today its intention, and its receipt of all required
regulatory approvals including approval by the TSX Venture Exchange, to
make a normal course issuer bid (the "Bid") for up to 1,578,150 of its
common shares (the "Shares"), representing approximately 10% of 49
North's public float.
The Bid will commence on September 15, 2012 and continue until the
earlier of September 15, 2013 and the date by which 49 North has
acquired the maximum 1,578,150 Shares which may be purchased under the
Bid. The Bid will be made through the facilities of the TSX Venture
Exchange and the purchase and payment for the securities will be made
in accordance with TSX Venture Exchange requirements at the market
price of the Shares at the time of acquisition. All Shares purchased
by 49 North under the Bid will be cancelled.
49 North has appointed MGI Securities Inc. as its broker to conduct the
normal course issuer bid transactions.
Management believes that the Shares have been trading in a price range
which does not adequately reflect their value and that the purchase of
the Shares under the Bid will enhance shareholder value in general. 49
North has purchased 29,400 Shares at an average price of $2.66 pursuant
to a normal course issuer bid during the period from September 1, 2011
to August 31, 2012.
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.
Forward Looking Information: This release contains forward-looking
information within the meaning of applicable Canadian securities
legislation. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual results or
events to differ materially from those expressed or implied by such
forward-looking information. In addition, the forward-looking
information contained in this release is based upon what management
believes to be reasonable assumptions. Readers are cautioned not to
place undue reliance on forward-looking information as it is inherently
uncertain and no assurance can be given that the expectations reflected
in such information will prove to be correct. The forward-looking
information in this release is made as of the date hereof and, except
as required under applicable securities legislation, 49 North assumes
no obligation to update or revise such information to reflect new
events or circumstances.
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 firstname.lastname@example.org.