Business
49 North Resources Inc. announces Rights Offering to shareholders
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
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\n\n\n\nSASKATOON, Sept. 8, 2014 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV:FNR) today announced that it will be offering rights (the \"Rights Offering\") to holders of its common shares (the \"Common Shares\") of record at the close of business on September 19, 2014 (the \"Record Date\"), expiring October 28, 2014 (the \"Rights Expiry Date\").  The Rights Offering will be made in all of the provinces and territories of Canada (the \"Qualifying Jurisdictions\").  \n\nShareholders of the Company on the Record Date will receive one right (a \"Right\") for each Common Share held.  Four (4) Rights plus the sum of $0.30 will entitle the holder to subscribe for one unit of the Company (a \"Unit\"). Shareholders who exercise all of their Rights will be entitled to acquire additional Units pursuant to an additional subscription privilege, the terms of which are described in the Rights Offering Circular of the Company dated September 5, 2014 (the \"Circular\"). Each Unit will be comprised of one Common Share and one Common Share purchase warrant (a \"Warrant\").  Each Warrant will entitle the holder to purchase an additional Common Share at a price of $0.50 per Common Share during the 24 month period commencing 9:00 a.m. (Saskatoon time) on October 29, 2015 and ending at 5:00 p.m. (Saskatoon time) on October 29, 2017.  Rights will be evidenced by transferrable rights certificates (each, a \"Rights Certificate\").  The Rights expire at 5:00 p.m. (Saskatoon time) on the Rights Expiry Date, after which time unexercised Rights will be void and of no value. \n\nA fully subscribed Rights Offering is expected to raise gross proceeds of approximately $1,578,996, which 49 North intends to use primarily for additional investment into the oil and gas properties of its subsidiary Allstar Energy Limited including, but not limited to, the completion of a water disposal well in the Riverside field, the completion of additional standing wells at Riverside and the advancement of the recently re-initiated production at Red Pheasant, as well as for general corporate purposes.  \n\nThe Rights Offering provides 49 North's shareholders with an opportunity to ac...