49 North Resources Inc.
TSX VENTURE : FNR

49 North Resources Inc.
49 North 2009 Resource Flow-Through Limited Partnership

49 North 2009 Resource Flow-Through Limited Partnership

February 01, 2010 17:37 ET

49 North Group Completes Roll-Over Transaction

SASKATOON, SASKATCHEWAN--(Marketwire - Feb. 1, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

49 North Resources Inc. ("49 North") (TSX VENTURE:FNR) reports that it has completed its previously announced "Roll-over Transaction" with 49 North 2009 Resource Flow-Through Limited Partnership (the "2009 Fund"). Effective February 1, 2010, the 2009 Fund transferred substantially all of its assets – valued at $7,572,149 - on a tax deferred "roll-over" basis to 49 North in exchange for 4,351,810 common shares of 49 North (the "Listed Shares"). Following the transfer, the 2009 Fund was wound up and dissolved and the Listed Shares were distributed to the partners of the 2009 Fund. As a result, each (former) limited partner of the 2009 Fund received approximately 5.2244 Listed Shares for each limited partnership unit they formerly held in the 2009 Fund. The transaction also resulted in the number of outstanding 49 North common shares increasing to 12,754,883 immediately after the transaction.

Additional information about 49 North and the 2009 Fund is available at www.sedar.com.

The securities of the 2009 Fund and 49 North have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

Contact Information

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