/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
TSX Venture Exchange Symbol FNR
SASKATOON, June 6, 2013 /CNW/ - 49 North Resources Inc. ("49 North" or
the "Company") (TSXV: FNR) announces it has received approval from its
debentureholders respecting the restructuring of its 8% Convertible
Unsecured Subordinated Debentures due September 23, 2013 (the "2013
Debentures") and its 8% Convertible Unsecured Subordinated Debentures
due June 29, 2014 (the "2014 Debentures"), as voted upon in joint
extraordinary meetings of holders of the 2013 Debentures and 2014
Debentures (the "Meeting") this morning.
At the Meeting:
76.23% of the total outstanding 2013 Debentures voted by proxy or in
person, and 100% of the votes cast voted in favour of the resolution
amending the 2013 Debentures; and
58.59% of the total outstanding 2014 Debentures voted by proxy or in
person, and 97.23% of the votes cast voted in favour the resolution
amending the 2014 Debentures.
The restructuring will be effective on signing of, with respect to the
2013 Debentures, a First Supplemental Trust Indenture, to the Trust
Indenture dated September 23, 2010 and, with respect to the 2014
Debentures, a Second Supplemental Trust Indenture, to the Trust
Indenture dated June 29, 2011. Implementation of the restructuring is
also subject to receipt of final acceptance from the TSX Venture
49 North is pleased with the results of the meetings, as it will allow
the Company to once again focus all of its efforts on developing its
highly prospective oil and gas properties and generating income from
its significant investment portfolio.
49 North is a Saskatchewan focused oil and gas exploration, development
and production company with a significant resource investment portfolio
and 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.
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.