TSX Venture Exchange Symbol FNR
SASKATOON, June 15, 2016 /CNW/ – 49 North Resources Inc. (“49 North” or the “Company”) (TSXV: FNR) announces the completion of an initial closing of its previously announced non-brokered private placement (see press release of June 3, 2016) and, due to the high demand, the expansion of the placement from the original maximum of 6,000,000 units to 8,000,000 units.
At the closing today, 49 North issued 6,000,000 units at a price of $0.10 per unit, for gross proceeds of $600,000 (the “Initial Closing”). Each unit issued at the Initial Closing consists of one common share and one common share purchase warrant. Each warrant (including warrants issued on subsequent closings of the expanded offering) entitles the holder to purchase one common share for a period of 24 months from the initial closing date of the private placement at a price of $0.15 per share.
The proceeds of this private placement will be used to augment the Company’s working capital position. The private placement is subject to TSX Venture Exchange final acceptance. All securities issued will be subject to a standard four month hold period.
No finder’s fees were paid on the proceeds from the Initial Closing. A finder’s fee of 7% in cash may be paid in connection with the ongoing placement.
49 North is a Saskatchewan focused resource investment company. 49 North’s 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.