Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
49 North Resources Inc. acquires interest in Gespeg Copper Resources Inc.
Published : November 29, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Copper | Debt | Market | Report |

49 North Resources Inc. acquires interest in Gespeg Copper Resources Inc.

TSX Venture Exchange symbol FNR

SASKATOON, Nov. 29, 2012 /CNW/ - 49 North Resources Inc. ("49 North") (TSXV: FNR), 602, 224 - 4th Avenue South, Saskatoon, Saskatchewan, announces that in connection with the closing of a debt for equity settlement transaction with Gespeg Copper Resources Inc. ("Gespeg") effective November 22, 2012, 49 North today acquired ownership of a total of 2,782,512 common shares of Gespeg (representing 9.02% of Gespeg's outstanding common shares). Prior to the closing of the debt for equity conversion transaction, Kimpar Resources Inc. ("Kimpar"), an 80% owned subsidiary of 49 North, owned 22,150,000 common shares of Gespeg directly. 49 North did not directly own any common shares of Gespeg prior to the closing of the debt for equity conversion transaction.

Upon completion of the transaction, 49 North will own 2,782,512 common shares (representing 9.02% of Gespeg's outstanding common shares), and when combined with Kimpar's holdings, 49 North will control 24,932,512 common shares (representing 80.81% of Gespeg's outstanding common shares).

In connection with the debt for equity settlement transaction, 49 North and Gespeg entered into a debt settlement agreement providing for the issuance of the 2,782,512 common shares by Gespeg to 49 North at a price of $0.30 per share for an aggregate purchase price of $834,753.60.

49 North acquired the common shares in the debt for equity conversion transaction for investment purposes. 49 North 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 Gespeg or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.

The issuance of the common shares was carried out in accordance with and in reliance on the "securities for debt" exemption in section 2.14 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 transfer and issue of such securities from the registration and prospectus requirements of applicable securities law.

49 North and Kimpar may be considered to be joint actors under applicable securities legislation. However, the issuance of this press release is not an admission that any entity named in this press release owns or controls any of the securities described in this press release or is a joint actor with any other entity named in this press release.

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.

SOURCE: 49 North Resources Inc.

For further information:

49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca.

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

49North Resources

CODE : FNR.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

49North is an exploration company based in Canada.

49North is listed in Canada. Its market capitalisation is CA$ 5.6 millions as of today (€ 5.0 millions).

Its stock quote reached its highest recent level on April 08, 2011 at CA$ 4.19, and its lowest recent point on July 31, 2015 at CA$ 0.04.

49North has 58 800 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Nominations of 49North Resources
5/6/201349 North announces resignation of board director
Corporate news of 49North Resources
6/30/201449 North Resources Inc. makes annual payment of debenture in...
4/2/201449 North Resources Inc. announces listing of Convertible Deb...
2/24/201449 North Resources Inc. Announces Grant of Stock Options
10/16/201349 North Resources Inc. acquires interest in Omineca Mining ...
9/30/201349 North Resources Inc. announces new board member
6/14/201349 North Resources Inc. Announces New Board Member, Adoption...
5/30/201349 North Resources Inc. Provides Update on Proposal to Deben...
2/4/201349 North Group Completes Proposed Rollover Transaction
11/29/201249 North Resources Inc. acquires interest in Gespeg Copper R...
3/2/2011Westcore and 49 North Provide Update on Drilling at Quasar
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (FNR.V)
0.095-9.52%
TSX-V
CA$ 0.095
05/26 11:31 -0.010
-9.52%
Prev close Open
0.105 0.105
Low High
0.095 0.105
Year l/h YTD var.
0.080 -  0.140 18.75%
52 week l/h 52 week var.
0.060 -  0.140 -5.00%
Volume 1 month var.
57,500 -20.83%
24hGold TrendPower© : 23
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
201718.75%0.150.08
20160.00%0.120.06
2015-46.67%0.220.04
2014-11.76%0.560.12
2013-90.00%1.800.11
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Entree Gold(Cu-Au)ETG.TO
Entrée Gold - Annual General Spec
CA$ 0.63+1.61%Trend Power :
Silver Standard(Ag-Au-Cu)SSO.TO
Provides First Quarter 2017 Corporate Exploration Update
CA$ 13.09+0.08%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Drilling Extends Mineralization at Lemarchant, NFLD
CA$ 0.17-2.86%Trend Power :
Target Resources(Au-Gems)TGT.L
KOOTENAY ANNOUNCES DRILL PROGRAM TO TARGET RESOURCE EXPANSION AT LA CIGARRA SILVER PROJECT=2C MEXICO
GBX 1.10-2.65%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
Reports Q1 2017 Production Results
US$ 2.68-1.47%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Mill Recovery Enhancement Project Approved
AU$ 2.19-3.10%Trend Power :
Levon(Au-Ag)LVN.V
to Complete Resource Infill Drilling to Test a Starter Pit Scenario
CA$ 0.94-3.09%Trend Power :
Victoria Gold Corp.(Au)VIT.V
Begins $6.2M, Phase 1 Exploration Program, Yukon
CA$ 0.65+1.56%Trend Power :
Bonavista Energy(Ngas-Oil)BNP-UN.TO
Announces Increase to Exchangeable Share Ratio
CA$ 28.85-0.93%Trend Power :
Eurasian Min.(Cu-Au-Ag)EMX.V
Announces Release of 2016 Annual Report and Management Discussion and Analysis
CA$ 1.20+0.00%Trend Power :
Columbus Gold(Au)CGT.V
Columbus Gold Announces Voting Results of its Annual Meeting
CA$ 0.34+0.00%Trend Power :
Pretium ResourcesPVG.TO
Brucejack Transmission Line Energized
CA$ 12.36+0.65%Trend Power :
Silver Wheaton(Cu-Le-Zn)SLW.TO
Silver Wheaton Provides Details of Annual and Special Meeting of Shareholders, Files Form 40-F, and
CA$ 28.53+0.85%Trend Power :
Barrick Gold(Cu-Le-Ni)ABX.TO
Reports Restrictions at Veladero Mine Heap Leach Facility
CA$ 26.41-1.49%Trend Power :
HudBay(Cu-Le-Ni)HBM.TO
Hudbay Provides Update on Operations and Growth Projects
CA$ 7.20+0.28%Trend Power :
Silver Standard(Ag-Au-Cu)SSO.TO
Receives Extension on the Chinchillas Project Option Agreement
CA$ 13.09+0.08%Trend Power :
Peregrine Diamonds(Gems)PGD.TO
Announces Results of Voting for Election of Directors
CA$ 0.20-2.50%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Portia Gold Sales Exceed 20000 oz
AU$ 0.40-4.82%Trend Power :
Oceana Gold(Au)OGC.AX
ANNOUNCES FIRST GOLD POUR AT THE HAILE GOLD MINE IN SOUTH CAROLINA
AU$ 4.48+3.94%Trend Power :
Uranium Res.(Ur)URRE
Announces Closing of $9.7 Million Public Offering
US$ 1.48-1.33%Trend Power :