TSX Venture Exchange Symbol FNR
SASKATOON, Sept. 5, 2013 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR) announces that the shareholders of Omineca Mining and Metals Ltd. ("Omineca") (TSXV: OMM) approved the acquisition of all the issued and outstanding shares of CVG Mining Ltd. ("CVG") by Omineca (the "Transaction"). CVG is a private British Columbia corporation that was formed in 2009 with the sole purpose of exploring deposits in the Cariboo Mining district of central British Columbia. CVG's primary asset is the Wingdam Project located along Lightning Creek near the Wells-Barkerville area, 35 km east of Quesnel, British Columbia. 49 North indirectly owns approximately 93% of CVG, with the remaining shares of CVG owned by the founders and operators of CVG.
In consideration for the Transaction, 49 North will receive shares equaling approximately 67% of the post-closing issued and outstanding common shares of Omineca, as well as a $5,400,000 convertible debenture. The founders and operators of CVG will receive approximately 5% of the post-closing issued and outstanding common shares of Omineca. Additional information about the Transaction and Omineca is available under Omineca's SEDAR profile at www.sedar.com.
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. 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. In particular but without limitation, this press release includes references to the successful completion of the Transaction. There is no certainty that the Transaction will be completed as proposed or at all. 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 protected].