TSX Venture Exchange Symbol FNR
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
SASKATOON, Jan. 10, 2013 /CNW/ - 49 North 2011 Resource Flow-Through
Limited Partnership (the "2011 Fund") and 49 North 2012 Resource
Flow-Through Limited Partnership (the "2012 Fund") are pleased to
announce jointly with 49 North Resources Inc. ("49 North") that they
have each separately entered into an agreement (each a "Transfer
Agreement"), pursuant to which, on or about February 1, 2013, the 2011
Fund and the 2012 Fund will transfer their respective assets to 49
North, on a tax deferred basis, in exchange for common shares of 49
North (the "Listed Shares"). As soon as possible following each
closing, the Listed Shares received by the 2011 Fund for its assets
will be distributed to the limited partners of the 2011 Fund, and the
Listed Shares received by the 2012 Fund for its assets will be
distributed to the limited partners of the 2012 Fund, all on a pro rata
and tax deferred basis upon the dissolution of each of the 2011 Fund
and the 2012 Fund (the "Proposed Rollover Transactions"). The
completion of each of the Proposed Rollover Transactions is subject to
the receipt of all approvals that may be necessary and the other
conditions set forth in the respective Transfer Agreement.
The 2011 Fund and 2012 Fund, respectively, are the eighth and ninth 49
North flow-through funds. An investment in either the 2011 Fund or the
2012 Fund serves as a window for investing in the Listed Shares in a
manner that permits investors to take advantage of risk reducing tax
incentives associated with investments in flow-through funds. By
acquiring the stock exchange listed shares of 49 North in one, or both,
of Proposed Rollover Transactions, investors who choose to do so may
obtain additional tax benefits by contributing the Listed Shares
received to a self directed RRSP.
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, including statements respecting the completion of the
Proposed Rollover Transactions. 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,
the 2011 Fund, the 2012 Fund and 49 North assume no obligation to
update or revise such information to reflect new events or
The securities of 49 North have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements. This release is issued
for informational purposes only and does not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of any securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
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.