Jan. 6, 2011 (Canada NewsWire Group) --
SASKATOON, Jan. 6 /CNW/ - 49 North Resources Inc. ("FNR") and 49 North 2010 Resource Flow-Through Limited Partnership (the "2010 Fund") both of 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan announce that in connection with the closing of a private placement offering by Unity Energy Corp. ("Unity") on December 31, 2010, FNR acquired ownership of 250,000 common shares of Unity (representing 1.83% of Unity's outstanding common shares) and the 2010 Fund acquired ownership of 1,200,000 common shares (issued on a flow-through basis) of Unity (representing 8.79% of Unity's outstanding common shares). Prior to the closing of the private placement, FNR owned 1,000,000 common shares of Unity.
Upon closing of the private placement, Mr. Tom MacNeill, President, Chief Executive Officer and a director of both FNR and 49 North 2010 Resource Fund Inc., the general partner of the 2010 Fund will own, control or direct, directly or indirectly, 2,450,000 common shares of Unity (representing 17.94% of Unity's outstanding common shares).
FNR and the 2010 Fund acquired the securities for investment purposes. FNR and the 2010 Fund 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 Unity or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.
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.
49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca.
49 North 2010 Resource Flow-Through Limited Partnership
Tom MacNeill
President and Chief Executive Officer of 49 North 2010 Resource Fund Inc.
306-653-2692 or ir@fnr.ca.