Feb. 1, 2011 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
SASKATOON, Feb. 1 /CNW/ - 49 North Resources Inc. ("49 North") (TSX Venture: FNR) reports that it has completed its previously announced "Roll-over Transaction" with 49 North 2010 Resource Flow-Through Limited Partnership (the "2010 Fund"). Effective February 1, 2011, the 2010 Fund transferred substantially all of its assets - valued at $8,088,083.56 - on a tax deferred "roll-over" basis to 49 North in exchange for 2,714,122 common shares of 49 North (the "Listed Shares"). Following the transfer, the 2010 Fund was wound up and dissolved and the Listed Shares were distributed to the partners of the 2010 Fund. As a result, each (former) limited partner of the 2010 Fund received approximately 3.0220 Listed Shares for each limited partnership unit they formerly held in the 2010 Fund. The transaction also resulted in the number of outstanding 49 North common shares increasing to 15,012,605 immediately after the transaction.
Additional information about 49 North and the 2010 Fund is available at www.sedar.com.
The securities of the 2010 Fund and 49 North have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca