TSX Venture Exchange symbol FNR
SASKATOON, SK, Feb. 28, 2012 /CNW/ - 49 North Resources Inc. ("49
North") (TSXV: FNR) has closed on the purchase of the remaining shares
of Allstar Energy Limited ("Allstar"). 49 North paid an aggregate of
$1,250,000 to the vendors of the shares, which price was satisfied by
the issuance of 288,462 common shares of 49 North at a deemed price of
$3.25 per share, cash consideration of $100,000 payable at closing and
the issuance of an interest free promissory note in the amount of
$212,500 due April 30, 2012. For additional information respecting the
transaction, please see our news release dated February 8, 2012.
49 North now holds 100% of the issued and outstanding shares of Allstar,
which has the exclusive right to explore for and extract oil and gas
from approximately 42,000 acres of highly prospective oil and gas land,
all located in West Central Saskatchewan. Since 49 North acquired its
initial interest in Allstar less than two years ago, the company has
drilled and completed 17 horizontal wells at Kindersley and 6 vertical
wells on its Red Pheasant property south of North Battleford.
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.