49 North starts normal course issuer bid for 9% convertibles series

By Jennifer Chiou

New York, April 2 - 49 North Resources Inc. announced its plans to conduct a normal course issuer bid for up to 10% of the public float of each of its 9% convertible unsecured subordinated debentures due Sept. 23, 2016 and its 9% convertible unsecured subordinated debentures maturing June 29, 2017.

At the same time, the company said that the debentures will be listed for trading on the TSX Venture Exchange beginning on April 3.

49 North said the bid will be for up to $506,844 principal amount of the convertibles due 2016 and up to $1,241,518 of the debentures due 2017.

The bid is to start on April 3, 2014 and will continue until the earlier of April 3, 2015 and the date by which 49 North has acquired the maximum amount of each series.

Any acquired securities will be canceled.

The company is a Saskatoon, Sask.-based oil and gas exploration, development and production company with a significant resource investment portfolio and strategic operations in financial, managerial and geological advisory services and merchant banking.

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