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49 North Resources Inc. to Seek Amendment of Convertible Secured Debentures
49 North Resources Inc. to Seek Amendment of Convertible Secured Debentures Canada...
About this update from 49 North Resources Inc
[{"type":"text","content":"\n\n\n\n49 North Resources Inc. to Seek Amendment of Convertible Secured 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\n\nCanada NewsWire\nSASKATOON, June 1, 2020\n\n\n\nTSX Venture Exchange Symbol FNR \n SASKATOON, June 1, 2020 /CNW/ - 49 North Resources Inc. (\"49 North\" or the \"Company\") (TSXV: FNR) announces that with respect to the maturity of its outstanding 2015 2.5% Convertible Senior Secured Debentures – Series 1 (the \"Series 1 Senior Debentures\"), it has paid today, in cash, due interest in the amount of approximately $2.50 per $100 principal amount of the Series 1 Senior Debentures, however, the Company has not paid the principal due and owing in the amount of $2,746,827. 49 North instead intends to seek approval from the debenture holders to extend the maturity date of the Series 1 Senior Debentures by three (3) years to June 1, 2023 and to reduce the conversion price for the Series 1 Senior Debentures from $0.50 to $0.20 per common share of the Company.\nThe amendments to the Series 1 Senior Debentures will be sought contemporaneously with a three (3) year extension of the Company's outstanding 2015 2.5% Convertible Senior Secured Debentures – Series 2 (the \"Series 2 Senior Debentures\", and together with the Series 1 Senior Debentures, the \"Senior Debentures\") that come due on December 18, 2020. 49 North will also be seeking approval from the holders of Senior Debentures of a corresponding reduction of the conversion price for the Series 2 Senior Debentures from $0.50 to $0.20 per common share of the Company. The current outstanding principal of the Series 2 Senior Debentures is $1,824,881, with accrued interest of $20,442. \nDefinitive information with respect to the proposed Debenture amendments, once finalized, will be outlined in a management information circular expected to be disseminated to the Debenture holders in late June or early July 2020. The proposal is made, with respect to the Senior Debentures, pursuant to the provisions of the trust indenture dated May 27, 2015 (the \"Senior Indenture\") between 49 No...