Business
49 North Resources Inc. acquires interest in Omineca Mining and Metals Ltd.
SASKATOON , Oct. 16, 2013 /CNW/ - 49 North Resources Inc. ("49 North") (TSXV: FNR), 602,...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\nSASKATOON, Oct. 16, 2013 /CNW/ - 49 North Resources Inc. (\"49 North\")\n (TSXV: FNR), 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan, announces that in connection\n with the closing of the sale of all of the issued and outstanding\n shares of CVG Mining Ltd. (\"CVG Mining\") to Omineca Mining and Metals\n Ltd. (\"Omineca\") (TSXV: OMM), 49 North received 44,145,900 common\n shares of Omineca, representing approximately 67.4% of the post-closing\n issued and outstanding common shares of Omineca, as well as a\n $5,400,000 principal amount 8% unsecured convertible debenture (the\n \"Convertible Debenture\"). Prior to the closing of the transaction, 49\n North owned 1,424,855 common shares of Omineca. Mr. Tom MacNeill,\n President, Chief Executive Officer and a director of 49 North also\n owned 358,250 common shares of Omineca.\n\n\nFollowing the transaction, 49 North holds 45,570,755 common shares\n (representing 69.6% of Omineca's outstanding common shares) and the\n Convertible Debenture, which is convertible into 7,200,000 common\n shares of Omineca (assuming conversion prior to the first anniversary\n date at $0.75 per share, and does not include the conversion of accrued\n interest which may be converted at the greater of the minimum price per\n share permitted by the TSXV and the prevailing conversion price\n applicable to the principal amount at the time of conversion). The\n Convertible Debenture represents 100% of the outstanding convertible\n debentures of Omineca. When combined with Tom MacNeill's holdings, Mr.\n MacNeill will own, control or direct 45,929,005 common shares\n (representing 70.1% of Omineca's outstanding common shares) and the\n Convertible Debenture convertible into 7,200,000 common shares\n (representing all of the outstanding convertible debentures).\n\n\nIn connection with the acquisition of securities, Omineca entered into a\n share purchase agreement made effective July 1st, 2013 (the \"Share Purchase Agreement\") with, amongst other parties,\n four subsidiaries of 49 North, being Newsk Emerging Resources Ltd.,\n 101197159 Saskatchewan Ltd., 101197165 Saskatchewan Ltd. and 101197166\n Saskatchewan Ltd. The Share Purchase Agreement provides for the\n satisfaction of the purchase price for all the issued and outstanding\n shares of CVG Mining, in part, through the issuance of 47,471,548\n...