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49 North Resources Inc. Proposes Exchange of "Series A" Debentures for a Combination of Common Shares, Preferred Shares and Debentures
49 North Resources Inc. Proposes Exchange of "Series A" Debentures for a Combination of Co...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n49 North Resources Inc. Proposes Exchange of \"Series A\" Debentures for a Combination of Common Shares, Preferred Shares and 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. Proposes Exchange of \"Series A\" Debentures for a Combination of Common Shares, Preferred Shares and Debentures\nCanada NewsWire\nSASKATOON, Sept. 17, 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, Sept. 17, 2015 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV: FNR) announces that it intends to seek the approval of the holders of its 9% Convertible Unsecured Subordinated Debentures due September 23, 2016 (the \"Debentures\") to exchange the principal amount of the Debentures, for a combination of common shares (\"Common Shares\") of the Company, First Preferred Series 1 Shares (the \"Preferred Shares\") of the Company and an interest in the 2.5% senior secured convertible debentures (the \"Senior Debentures\") of the Company created at the time of the restructuring of the Company's former Series B Debentures earlier this year (the \"Proposal\"). The Debentures currently trade on the TSX Venture Exchange under the symbol \"FNR.DB.A\".\n\nUnder the terms of the Proposal, holders of the Debentures will receive 150 Common Shares, 25 Preferred Shares and $25 principal amount of the Senior Debentures per $100 principal amount of Debentures held, in full and final settlement of the amounts owing, including interest.  In this regard, the Company will not be making the Debenture interest payment due September 23, 2015.\n\nThe Preferred Shares have the following characteristics:\n\n\nCumulative 2.5% cash dividends (equal to $0.025 per share) payable annually, in arrears, beginning on the first anniversary of the date of issuance; \nNon-voting; \nConvertible, at the holder's option, into Common Shares at a conversion price of $0.50 per Common Share; \nIssued at a price of $1.00 per Preferred Share; and \n...