TSX Venture Exchange Symbol: FNR
SASKATOON, SK, Dec. 3, 2020 /CNW/ - 49 North Resources Inc.
("49 North" or the "Company") (TSXV: FNR) announces
that it will revise the proposal to the holders of its 2015 2.5%
Convertible Senior Secured Debentures – Series 1, the holders of
its 2015 2.5% Convertible Senior Secured Debentures – Series 2 and
the holders of its 2015 2.5% Convertible Subordinated Secured
Debentures (the "Debentureholders").
At the joint extraordinary meeting of the Debentureholders held
on the 27th of November, 2020, a majority of the votes
cast were in favor of the restructuring proposal, however the
66.67% support required to pass the amendments was not
achieved. As a result, the Company will continue to work with
Debentureholders over the coming weeks to create a revised
restructuring proposal that will then be circulated to all
Debentureholders, along with notice of a new meeting date.
About 49 North Resources Inc.
49 North is a Saskatchewan
focused resource investment company. The Company's
diversified portfolio of assets includes investments in shares and
other securities of junior and intermediate mineral and oil and gas
exploration companies.
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Information in this news release that is not a
statement of historical fact constitutes forward-looking
information. Forward-looking statements contained herein include
statements relating to any amendment to the terms of the
Debentures, any actions or approvals of the TSX Venture Exchange,
the Trustee or the applicable holders of Debentures with respect to
amending the Debentures. Forward-looking statements are
based on assumptions management believes to be reasonable at the
time such statements are made. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Factors that may cause
actual results to differ materially from expected results described
in forward-looking statements include, but are not limited to:
the risk that any amendment to the Debentures may not be
approved by the TSX Venture Exchange, the Trustee or the applicable
holders of Debentures, the risk that the Trustee may take
enforcement action under the Senior Indenture and related security
agreements, uncertainties as a result of the global Covid-19
pandemic as well as those risk factors set out in the Company's
Management Discussion and Analysis and other disclosure documents
available under the Company's profile at www.sedar.com.
Forward-looking statements contained herein are made as of the date
of this news release and the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
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.