/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TSX Venture Exchange Symbol FNR
SASKATOON, SK, Nov. 18, 2021 /CNW/ - 49 North Resources
Inc. ("FNR" or the "Company") (TSXV: FNR) is
pleased to announce the closing of its previously announced rights
offering (the "Rights Offering") for aggregate gross
proceeds of $1,662,383.10.
The net proceeds of the Rights Offering will be used primarily
to make strategic investments that will grow the value of the
Company's asset portfolio and for general corporate purposes.
The Rights Offering was oversubscribed by approximately 44%. The
Company received 63,685,815 initial subscriptions pursuant to the
basic subscription privilege, and 56,176,900 additional
subscriptions pursuant to the additional subscription
privilege.
The additional subscriptions were prorated within the 19,433,340
units remaining after the initial subscriptions, and the extraneous
balance of subscription funds returned to the subscribers. As a
result, the total number of units to be issued under the Rights
Offering is the maximum of 83,119,155 units.
Each unit consists of one common share (a "Common Share")
and one Common Share purchase warrant (a "Warrant"). Each
Warrant is exercisable into one Common Share at a price of
$0.07 per share until November 17, 2023, subject to early expiry in the
event the daily volume-weighted average trading price per Common
Share for any 20 consecutive trading days in which there have been
at least 100 Common Shares traded on the TSXV exceeds
$0.15.The Rights Offering remains
subject to the final acceptance of the TSXV.
About 49 North Resources Inc.
FNR is a natural resource focused 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.
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
contains forward-looking statements. All statements, other than
statements of historical fact that address activities, events or
developments that we believe, expect or anticipate will or may
occur in the future are forward-looking statements. These
forward-looking statements reflect our current expectations or
beliefs based on information currently available to us.
Forward-looking statements in this release include, without
limitation, statements with respect to: TSXV final approval of the
Rights Offering and the use of proceeds from the Rights Offering.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause our actual results to differ
materially from those discussed in the forward-looking statements
and, even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on, us. Factors that could
cause actual results or events to differ materially from current
expectations include, among other things, uncertainties relating to
the availability and cost of funds; closing the Rights Offering;
delays in obtaining or failure to obtain required approvals to
complete the Rights Offering; the uncertainty associated with
estimating costs to complete the Rights Offering, including those
yet to be incurred; potential risks and uncertainties relating to
the novel coronavirus (COVID-19) outbreak; and other risks related
to our business and the Rights Offering. Any forward-looking
statement speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, we
disclaim any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although we believe that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be put on such
statements due to their inherent uncertainty.
Neither the 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.