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49 North Resources Inc. Provides Update on Proposal to Debentureholders
TSX Venture Exchange Symbol FNR SASKATOON, May 30, 2013 /CNW/ - 49 North Resource...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\nTSX Venture Exchange Symbol FNR\n\n\nSASKATOON, May 30, 2013 /CNW/ - 49 North Resources Inc. (\"49 North\" or\n the \"Company\") (TSXV: FNR) announces that it has achieved quorum for\n its upcoming meeting of the holders of its 8% Convertible Unsecured\n Subordinated Debentures due June 29, 2014 (the \"2014 Debentures\"). To\n date, 25.16% of the holders of the 2014 Debentures have delivered\n proxies in respect of the meeting, of which 93.74% have voted in\n favour, 6.09% have voted against and $5,000 principal amount of 2014\n Debentures have abstained from voting.\n\n\nWith respect to the meeting of the holders of the Company's 8%\n Convertible Unsecured Subordinated Debentures due September 23, 2013\n (the \"2013 Debentures\", and together with the 2014 Debentures, the\n \"Debentures\"), 15.35% of the holders of the 2013 Debentures have\n delivered proxies in respect of the meeting, of which 100% have voted\n in favour of the proposed amendments.\n\n\nThe board of directors of the Company encourages the holders of the\n Debentures who have not voted their debentures to vote in favour of the\n restructuring announced on April 23, 2013. Information respecting the\n restructuring can be found in the 49 North Management Information\n Circular dated May 10, 2013, a copy of which is posted for public\n access on the Company's SEDAR profile at www.sedar.com. In conjunction with the debenture restructuring, 49 North has formally\n commenced the process of adding an additional two independent directors\n to its existing board.\n\n\nThe Company is pleased to announce it has also received conditional\n acceptance from the TSX Venture Exchange respecting the proposed\n amendments to the Debentures. Final acceptance of the amendments is\n conditional upon, among other customary requirements, the approval by\n the holders of the 2013 Debentures and the 2014 Debentures of the\n proposed amendments, as applicable.\n\n\n49 North has engaged MGI Securities Inc. (\"MGI\") with respect to the\n restructuring of its Debentures. Under the terms of the engagement, MGI\n will be paid a $25,000 work fee as well as an additional $25,000\n success fee on the successful completion of the restructuring.  49\n North will also pay investment advisors a $3 soliciting dealers' fee\n per $100 principal amount of Debentures voted in favour of the p...