Business
49 North Resources Inc. Announces Completion of Reverse Takeover of Capstock Financial Inc. by Kimpar Resources Inc.
TSX Venture Exchange symbol FNR SASKATOON, Jan. 3, 2012 /CNW/ - Mr. Tom MacNeill, t...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange symbol FNR\n\n\nSASKATOON, Jan. 3, 2012 /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 its 80% owned subsidiary, Kimpar Resources\n Inc. (\"Kimpar\"), has completed a sale (the \"Sale\") to Captock Financial\n Inc. (\"Capstock\") (TSXV: CPK) of Kimpar's legal and beneficial right,\n title and interest in and to 246 mining claims comprising approximately\n 12,000 acres of copper-molybdenum lands, granite aggregate quarries and\n a deposit of absolute black granite, all located in the Gaspe region of\n Quebec (collectively, the \"Properties\") together with Kimpar's right,\n title or interest in all information and all know-how respecting the\n Properties.  For further details respecting the Sale see Capstock's\n Filing Statement dated effective December 19, 2011, news release dated\n September 1, 2011 and news release dated December 30, 2011 (copies of\n which are available under Capstock's profile at www.sedar.com).\n\n\nThe Sale constitutes the Qualifying Transaction for Capstock and\n effective at the opening of market on January 3, 2012, the trading\n symbol for Capstock changed from CPK.H to CPK, and the common shares of\n Capstock began trading on the TSX Venture Exchange (the \"TSXV\"). \n Pursuant to the policies of the TSXV, Capstock is no longer a Capital\n Pool Company and is now classified as a Tier 2 Mining issuer. The newly\n appointed board of directors for Capstock consists of Andrew Davidson,\n Denis Clement, Victor Goncalves and Tim Termuende, with R.A. Bruce\n McDonald retaining his respective director position with Capstock.\n\n\nThe completion of the Sale marks a significant achievement in 49 North's\n business strategy of enhancing shareholder value through the\n advancement of early stage resource properties. With the closing of the\n Sale, the Properties progress from a concept to a TSXV listed and\n properly capitalized resource exploration project. Identifying the\n potential of the Properties, 49 North used its experience in, and\n knowledge of the junior resource sector to consummate this liquidity\n transaction.\n\n\n49 North is a Saskatchewan focused resource investment company with\n strategic operations in financial, managerial and geological advisory\n s...