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49 North Resources Inc. Announces the Completion of the Restructuring of its Series A Debentures
49 North Resources Inc. Announces the Completion of the Restructuring of its Series A Debe...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n49 North Resources Inc. Announces the Completion of the Restructuring of its Series A Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n49 North Resources Inc. Announces the Completion of the Restructuring of its Series A Debentures\nCanada NewsWire\nSASKATOON, Dec. 18, 2015\n\n\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.A\n\n\n\nSASKATOON, Dec. 18, 2015 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV: FNR) has closed the exchange of its 9% Convertible Unsecured Subordinated Debentures due September 23, 2016 (the \"Debentures\") for 150 common shares (the \"Common Shares\") of the Company, 25 first preferred series 2 shares (the \"Preferred Shares\") of the Company and $25 principal amount of a 2.5% senior secure convertible debenture, series 2 (the \"Senior 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. The restructuring also exchanged certain Debentures held in accounts with restrictions that prohibit investment in equity securities such as the Common Shares and Preferred Shares (\"Restricted Debentures\") for a combination of Senior Debentures and new 2.5% subordinated secured convertible debentures (the \"Subordinated Debentures\") created for the purposes of the transaction. Restricted Debentures were exchanged for Senior Debentures on a dollar for dollar basis up to the maximum principal amount of the indenture for the Senior Debentures (taking into account Senior Debentures to be issued to the holders of Debentures that are not Restricted Debentures), and thereafter the Restricted Debentures were exchanged for Subordinated Debentures, again on a dollar for dollar basis.\n\nAt closing, the Company issued 4,605,979 Common Shares, 767,663 Preferred Shares and $767,663 principal amount of Senior Debentures to the holders of Debentures that were not Restricted Debentures. As a result of the exchan...