Allied Northern Resources Ltd.

December 29, 2008 16:18 ET

Allied Northern Resources Ltd.: Shareholders Approve Restructuring Transactions

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2008) - Allied Northern Resources Ltd. ("Allied" or the "Corporation") is pleased to announce that the Corporation has completed the restructuring transactions approved at a the shareholders' meeting held on August 12, 2008. Specifically, the Corporation has completed the following restructuring transactions:

1. the redemption of 1,842,501 common shares held by Mourin Investments Corp. for cancellation at a price of $0.37 per share for an aggregate price of $681,725;

2. the cancellation by the Corporation of 1,000,000 warrants of the Corporation currently held by Mourin Investments Corp.;

3. the sale by the Corporation to 7099193 Canada Inc., a company controlled by Stanley Mourin, of all of the oil and gas assets of the Corporation at the fair market value thereof;

4. the sale by the Corporation to Mourin Investments Corp. of 200,000 common shares of Western Troy Capital Resources Inc. at the fair market value thereof; and

5. the amendment of the Articles of Incorporation of the Corporation to change the name of the Corporation to "Allied Northern Capital Corporation".

Statements in this press release regarding the Corporation's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Corporation's future plans, objectives or goals, including words to the effect that the Corporation or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Contact Information

  • Allied Northern Resources Ltd.
    David Raymond
    President & CEO
    (416) 981-8660 (FAX)