/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
TSX Venture Exchange Symbol FNR
SASKATOON, Aug. 17, 2016 /CNW/ - 49 North Resources Inc.
("49 North" or the "Company") (TSXV: FNR) announces the completion
of the second and final closing of its previously announced
non-brokered private placement. The offering was over-subscribed,
and as a result the Company expanded the offering to an aggregate
of 10,000,000 units, for aggregate gross proceeds of $1,000,000.
At the closing today, 49 North issued 4,000,000 units at a price
of $0.10 per unit, for gross proceeds
of $400,000 (the "Final Closing").
Each unit issued at the Final Closing consists of one common share
and one common share purchase warrant. Each warrant entitles the
holder to purchase one common share until 5:00 p.m. (Saskatoon time) on June
15, 2018 at a price of $0.15
per share.
The proceeds of the private placement will be used to augment
the Company's working capital position. The private placement is
subject to TSX Venture Exchange final acceptance. All securities
issued will be subject to a standard four month hold period. Cash
finder's fees were paid on the proceeds from the Final Closing in
the amount of $1,645.
49 North is a Saskatchewan
focused resource investment company. 49 North's diversified
portfolio of assets includes investments in shares and other
securities of junior and intermediate mineral and oil and gas
exploration companies. Additional information about 49 North
is available at www.sedar.com.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED
UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Forward Looking Statements
This release includes forward-looking statements regarding 49
North and its business. Such statements are based on the
current expectations and views of future events of 49 North's
management. In some cases the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to complete the private placement offering, known and
unknown risk factors and uncertainties affecting 49 North,
including risks regarding the resource industry, economic factors
and the equity markets generally and many other factors beyond the
control of 49 North. No forward-looking statement can be
guaranteed. Forward-looking statements and information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information.
Forward-looking statements speak only as of the date on which they
are made and 49 North undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, 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.