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49 North Resources Inc. proposes exchange of outstanding debentures for preferred shares
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About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\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, SK, April 8, 2013 /CNW/ - 49 North Resources Inc. (\"49 North\"\n or the \"Company\") (TSXV: FNR) announces that it intends to seek the\n approval of the holders of its 8% Convertible Unsecured Subordinated\n Debentures due September 23, 2013 (the \"2013 Debentures\") and the\n holders of its 8% Convertible Unsecured Subordinated Debentures due\n June 29, 2014 (the \"2014 Debentures\", and together with the 2013\n Debentures, the \"Debentures\") to exchange the principal amount of the\n Debentures plus interest prepaid until maturity for First Preferred\n Series 1 Shares (the \"Preferred Shares\") to be created and issued by\n the Company (the \"Proposal\").\n\n\n49 North will seek separate approval of the Proposal from each of the\n holders of the 2013 Debentures and the holders of the 2014 Debentures\n (collectively, the \"Debentureholders\") at a joint meeting (the\n \"Meeting\") of the Debentureholders to be held on or about June 6, 2013\n and pursuant to the provision of, with respect to the 2013 Debentures,\n the Trust Indenture dated September 23, 2010 (the \"2013 Debenture\n Indenture\") and, with respect to the 2014 Debentures, the Trust\n Indenture dated June 29, 2011 and Supplemental Trust Indenture dated\n July 11, 2011 (collectively, the \"2014 Debenture Indenture\", and\n together with the 2013 Debenture Indenture, the \"Indentures\"). The\n Indentures allow for the exchange of the 2013 Debentures and the 2014\n Debentures for other securities of the Company upon approval of at\n least 66⅔% of the principal amount of the 2013 Debentures and the 2014\n Debentures, respectively, voted at the Meeting, either in person or by\n proxy.\n\n\nIt is intended that the Preferred Shares to be created and issued in\n exchange for the Debentures will have the following characteristics:\n\n\nThe holders of the Preferred Shares will be entitled to receive\n cumulative cash dividends, if and when declared by the Company's board\n of directors, accruing at a rate of 8% per annum (equal to $0.08 per\n share). The dividend on each Preferred Share is payable annually, in\n arrears, beginning on the first anniversary of the date of issuance;\n\n\nConvertible, at t...