SASKATOON, May 26, 2016 /CNW/ - 49 North Resources Inc. ("49 North") (TSXV: FNR), 602, 224 – 4th Avenue South, Saskatoon, Saskatchewan, announces that in connection with the sale to Westcore Energy Ltd. ("Westcore") of a 100% working interest in the oil and gas properties of Allstar Energy Limited ("Allstar"), and the subsequent sale of all associated oil and gas property and equipment of Allstar, 49 North today acquired ownership of 15,000,000 common shares ("Common Shares") of Westcore, representing approximately 52.28% of Westcore's issued and outstanding Common Shares.
Prior to the completion of the transaction, 49 North owned 1,646,600 Common Shares, representing 12.02% of Westcore's issued and outstanding Common Shares. Upon completion of the transaction, 49 North owns 16,646,600 Common Shares, representing 58.02% of Westcore's issued and outstanding Common Shares.
49 North acquired the Common Shares from Westcore at a deemed price of $0.10 per share, for a deemed aggregate price of $1,500,000, which was satisfied by the sale of a 100% working interest in the oil and gas properties of Allstar. 49 North acquired the Common Shares for investment purposes. 49 North may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional Common Shares or other securities of Westcore or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.
A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.
49 North is a corporation incorporated pursuant to the laws of the Province of Saskatchewan. 49 North is a Saskatchewan focused resource investment company. Its 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.
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., Tom MacNeill, President and Chief Executive Officer, 306-653-2692 or firstname.lastname@example.org