TSX Venture Exchange symbol FNR
SASKATOON, Aug. 11, 2011 /CNW/ - 49 North Resources Inc. ("FNR") of 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan announces that in connection with the closings of two private placement offerings by Kent Exploration Inc. ("Kent") on August 8 and 10, 2011, FNR acquired ownership of an aggregate 1,553,000 common shares of Kent (representing 1.79% of Kent's outstanding common shares) and an aggregate 1,553,000 warrants, each exercisable into a common share of Kent for $0.10 per share (representing 5.81% of Kent's outstanding warrants). Prior to the closing of the private placement, FNR held 4,983,000 common shares of Kent and 3,000,000 warrants.
Upon closing of the private placement, FNR will own 6,536,000 common shares (representing 7.56% of Kent's outstanding common shares) and warrants exercisable into 4,553,000 common shares (representing 17.03% of the outstanding warrants).
In connection with the subscriptions for securities, FNR and Kent entered into subscription agreements providing for the issuance of 553,000 units for $0.05 per unit and 1,000,000 units for $0.065 per unit, each unit comprised of 1 common share and 1 share purchase warrant.
FNR acquired the securities for investment purposes. FNR may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional common shares or other securities of Kent or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.
The subscription for units was carried out in accordance with and in reliance on the "accredited investor" exemption in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions which has been adopted by the securities regulatory authorities in all Provinces of Canada and which exempts the issue of such securities from the registration and prospectus requirements of applicable securities law.
A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.
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.