Business
49 North Resources Inc. announces debentureholder approval of the restructuring of its Convertible Debentures
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About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES./ \n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, June 6, 2013 /CNW/ - 49 North Resources Inc. (\"49 North\" or\n the \"Company\") (TSXV: FNR) announces it has received approval from its\n debentureholders respecting the restructuring of its 8% Convertible\n Unsecured Subordinated Debentures due September 23, 2013 (the \"2013\n Debentures\") and its 8% Convertible Unsecured Subordinated Debentures\n due June 29, 2014 (the \"2014 Debentures\"), as voted upon in joint\n extraordinary meetings of holders of the 2013 Debentures and 2014\n Debentures (the \"Meeting\") this morning.\n\n\nAt the Meeting:\n\n\n76.23% of the total outstanding 2013 Debentures voted by proxy or in\n person, and 100% of the votes cast voted in favour of the resolution\n amending the 2013 Debentures; and\n\n\n58.59% of the total outstanding 2014 Debentures voted by proxy or in\n person, and 97.23% of the votes cast voted in favour the resolution\n amending the 2014 Debentures.\n\n\nThe restructuring will be effective on signing of, with respect to the\n 2013 Debentures, a First Supplemental Trust Indenture, to the Trust\n Indenture dated September 23, 2010 and, with respect to the 2014\n Debentures, a Second Supplemental Trust Indenture, to the Trust\n Indenture dated June 29, 2011. Implementation of the restructuring is\n also subject to receipt of final acceptance from the TSX Venture\n Exchange.\n\n\n49 North is pleased with the results of the meetings, as it will allow\n the Company to once again focus all of its efforts on developing its\n highly prospective oil and gas properties and generating income from\n its significant investment portfolio.\n\n\n49 North is a Saskatchewan focused oil and gas exploration, development\n and production company with a significant resource investment portfolio\n and strategic operations in financial, managerial and geological\n advisory services and merchant banking. Our diversified portfolio of\n assets includes direct project involvement in the resource sector, as\n well as investments in shares and other securities of junior and\n intermediate mineral and oil and gas exploration companies. Additional\n information about 49 North is available at www.sedar.com.\n\n\nForward Looking Information: This release...