TSX Venture Exchange symbol FNR
SASKATOON, Sept. 23, 2011 /CNW/ - Mr. Tom MacNeill, President and CEO of
49 North Resources Inc. ("49 North") (TSX Venture: FNR), announced
today that the company has paid, in cash, due interest in the amount of
approximately $8 per $100 principal amount of its outstanding 8%
convertible, unsecured, subordinated debentures issued in September and
October of 2010 (the "2010 Debentures"). Payment was made to debenture
holders of record as of August 30, 2011. The total of the annual
interest payment is $375,264.
Subject to the detailed terms and conditions of a trust indenture dated
September 23, 2010 between 49 North and Alliance Trust Company, as
trustee, the 2010 Debentures have a three-year term maturing September
23, 2013 with interest paid from September 23, 2010 at 8% per annum
which, unless the debentures are earlier converted or redeemed in
accordance with their terms, is to be paid annually.
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. 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.
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.