SASKATOON, May 19, 2017 /CNW/ - 49 North Resources Inc. ("49 North") (TSXV: FNR), 602, 224 – 4th Avenue South, Saskatoon, Saskatchewan, announces that in connection with the closing of a non-brokered private placement by Westcore Energy Ltd. ("Westcore") (TSXV: WTR), 602, 224 – 4th Avenue South, Saskatoon, Saskatchewan, 49 North acquired on May 16, 2017 ownership of 906,667 units ("Units"), each Unit comprised of one common share ("Common Share") of Westcore, and one common share purchase warrant ("Warrant"). The Common Shares acquired by 49 North represent approximately 2.44% of Westcore's issued and outstanding Common Shares. The Warrants acquired by 49 North represent approximately 22.66% of the Warrants issued and outstanding.
Prior to the closing of the non-brokered private placement, 49 North owned 16,521,900 Common Shares, representing 49.92% of Westcore's issued and outstanding Common Shares. Upon completion of the private placement, 49 North owns 17,428,567 Common Shares, representing 46.98% of Westcore's issued and outstanding Common Shares. Prior to the closing of the non-brokered private placement, 49 North did not own any Warrants. Upon completion of the private placement, 49 North owns 906,667 Warrants, representing 22.66% of the issued and outstanding Warrants.
49 North acquired the Units at a price of $0.15 per Unit, for an aggregate price of $136,000.05. 49 North acquired the Units 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 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