TSX Venture Exchange Symbol FNR
SASKATOON, May 26, 2016 /CNW/ – 49 North Resources Inc. (“49 North” or the “Company”) (TSXV: FNR) announces the completion of the previously announced transaction with Westcore Energy Ltd. (“Westcore”) regarding the sale of a 100% working interest in the oil and gas properties of Allstar Energy Limited (“Allstar”), in addition to the subsequent sale of all associated oil and gas property and equipment of Allstar (the “Transaction”). In satisfaction of the purchase price payable by Westcore pursuant to the Transaction, Westcore issued 15,000,000 common shares of Westcore at an ascribed price of $0.10 to 49 North. In addition, Westcore delivered a promissory note in the aggregate principal amount of $1,500,000 (the “Promissory Note”) to Allstar. The Promissory Note bears interest at a rate of 5% per annum, maturing on the date that is two years from the date of issuance. It is expected that the Promissory Note will be repaid from the cashflows of Westcore’s operations. Upon repayment of all amounts outstanding under the Promissory Note, title to the associated property and equipment will be conveyed from Allstar to Westcore.
49 North is a Saskatchewan focused resource investment company. Our diversified portfolio of assets includes investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies. Additional information about 49 North is available at www.sedar.com.