Business
49 North Resources Inc. Announces Debentureholder Approval of the Restructuring of its Series B Debentures
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nTSX Venture Exchange Symbol FNR and FNR.DB.B\n\n\n\n\nSASKATOON, May 26, 2015 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV: FNR) announces the exchange of its 9% Convertible Unsecured Subordinated Debentures due June 29, 2017 (the \"Debentures\") for 150 common shares (the \"Common Shares\") of the Company, 25 first preferred series 1 shares (the \"Preferred Shares\") of the Company and $25 principal amount of a new 2.5% senior secure convertible debenture (the \"New Debentures\") per $100 principal amount of Debentures, in full and final settlement of the underlying principal amount of the Debentures and all interest accrued thereon, was approved this morning at a meeting of debentureholders (the \"Meeting\").\n\nAt the Meeting, 42.04% of the total outstanding Debentures were voted, and 95.97% of the votes cast were in favour. The restructuring will be effective on the date the Company completes the amendment of its articles to create the Preferred Shares, enters into the trust indenture for the New Debentures and issues the Common Shares, Preferred shares and New Debentures to the holders of Debentures in exchange for their existing Debentures. Implementation of the restructuring is also subject to receipt of final acceptance from the TSX Venture Exchange. The transaction is expected to close on Monday, June 1, 2015.\n\n49 North is pleased with the results of the meeting, as it will allow the Company to once again focus its efforts on day to day operations and the continued repositioning of the Company's assets to take advantage of a recovery in the junior resource exploration industry. This restructuring is a large step in ensuring the future viability of 49 North.\n\n49 North is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. 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. \n\nForward Looking Information: This release con...