SASKATOON, SK – 49 North Resources Inc. (“FNR” or the “Company“) (TSXV: FNR) is pleased to announce the closing of its previously announced rights offering (the “Rights Offering“) for aggregate gross proceeds of $1,662,383.10.
The net proceeds of the Rights Offering will be used primarily to make strategic investments that will grow the value of the Company’s asset portfolio and for general corporate purposes.
The Rights Offering was oversubscribed by approximately 44%. The Company received 63,685,815 initial subscriptions pursuant to the basic subscription privilege, and 56,176,900 additional subscriptions pursuant to the additional subscription privilege.
The additional subscriptions were prorated within the 19,433,340 units remaining after the initial subscriptions, and the extraneous balance of subscription funds returned to the subscribers. As a result, the total number of units to be issued under the Rights Offering is the maximum of 83,119,155 units.
Each unit consists of one common share (a “Common Share”) and one Common Share purchase warrant (a “Warrant“). Each Warrant is exercisable into one Common Share at a price of $0.07 per share until November 17, 2023, subject to early expiry in the event the daily volume-weighted average trading price per Common Share for any 20 consecutive trading days in which there have been at least 100 Common Shares traded on the TSXV exceeds $0.15.The Rights Offering remains subject to the final acceptance of the TSXV.