49 North 2009 Resource Flow-Through Limited Partnership

49 North 2009 Resource Flow-Through Limited Partnership

December 15, 2009 15:29 ET

49 North 2009 Resource Flow-Through Limited Partnership Acquires Interest in Dumont Nickel Inc.

SASKATOON, SASKATCHEWAN--(Marketwire - Dec. 15, 2009) - 49 North 2009 Resource Flow-Through Limited Partnership (the "2009 Fund") announces that in connection with the closing of the private placement offering of Dumont Nickel Inc. ("Dumont") on November 12, 2009, it acquired ownership of 10,000,000 common shares of Dumont (representing 5.38% of Dumont's outstanding common shares). The 2009 Fund is indirectly controlled by Tom MacNeill, the sole shareholder, President and a director of 49 North 2009 Resource Fund Inc., the general partner of the 2009 Fund. Mr. MacNeill is also the President and Chief Executive Officer of 49 North Resources Inc. ("FNR") which owns 9,500,000 common shares of Dumont (representing 5.11% of Dumont's outstanding common shares) and 5,000,000 warrants, each exercisable into a common share of Dumont for $0.05 per share.

Upon completion of the acquisition, the 2009 Fund and FNR will own 19,500,000 common shares (representing 10.49% of Dumont's common shares) and warrants exercisable into 5,000,000 common shares (representing 11.19% of the outstanding warrants).

In connection with the acquisition of securities, the 2009 Fund entered into a subscription agreement with Dumont providing for the issuance of 10,000,000 common shares by Dumont to the 2009 Fund at a price of $0.025 per share for an aggregate purchase price of $250,000.

The 2009 Fund acquired the common shares in the private placement for investment purposes. The 2009 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 Dumont or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.

The acquisition of the common shares was carried out in accordance with and in reliance on the "accredited investor" exemption in section 2.3 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.

The 2009 Fund, FNR and Tom MacNeill 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.

Contact Information

  • 49 North 2009 Resource Flow-Through Limited Partnership
    Tom MacNeill
    (306) 653-2692
    or
    49 North 2009 Resource Flow-Through Limited Partnership
    602-224 4th Avenue South
    Saskatoon, Saskatchewan
    S7K 5M5