Business
49 North Resources Inc. announces completion of acquisition of CVG Mining Ltd. by Omineca Mining and Metals Ltd.
TSX Venture Exchange Symbol FNR SASKATOON , Oct. 16, 2013 /CNW/ - Mr. Tom MacNe...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, Oct. 16, 2013 /CNW/ - Mr. Tom MacNeill, the President and\n Chief Executive Officer of 49 North Resources Inc. (\"49 North\") (TSXV:\n FNR) is pleased to announce the completion of the sale of all of the\n issued and outstanding shares of CVG Mining Ltd. (\"CVG Mining\") to\n Omineca Mining and Metals Ltd. (\"Omineca\") (TSXV: OMM).  In\n consideration for its interest in CVG Mining, 49 North received\n 44,145,900 common shares of Omineca, representing approximately 67.4%\n of the post-closing issued and outstanding common shares of Omineca, as\n well as a $5,400,000 principal amount 8% unsecured convertible\n debenture (the \"Convertible Debenture\"). The founders and operators of\n CVG Mining received 3,325,648 common shares of Omineca as a result of\n the transaction, representing approximately 5.1% of the post-closing\n issued and outstanding common shares of Omineca.\n\n\nThe Convertible Debenture has a five year term during which the\n principal amount is convertible into common shares of Omineca (each a\n \"Debenture Share\") at a conversion price of $0.75 per Debenture Share\n prior to October 1, 2013; $1.00 per Debenture Share on or after October\n 1, 2013 but prior to October 1, 2015; and $1.25 per Debenture Share on\n or after October 1, 2015. Accrued interest is also convertible at a\n conversion price equal to the greater of the minimum price per\n Debenture Share permitted by the TSXV and the prevailing conversion\n price applicable to the principal amount at the time of conversion. CVG\n Mining has guaranteed Omineca's obligations under the Convertible\n Debenture, which guarantee is secured by a collateral debenture\n pledging all of CVG Mining's assets.\n\n\nCVG Mining is a private British Columbia corporation that was formed in\n 2009 with the sole purpose of exploring deposits in the Caribou mining\n district of central British Columbia.  CVG Mining's primary asset is\n the Wingdam Project located along Lightning Creek near the\n Wells-Barkersville area, 35 kilometers east of Quesnel, British\n Columbia.  For further information about the transaction and the\n Wingdam Project, please see Omineca's news release dated October 16,\n 2013.  Additional information about Omineca is available under\n Omineca's SEDAR profile at www.sedar.com.\n\...