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49 North Resources Inc. Amends Proposal to Debentureholders, Sets Meeting Date25.08.2020 | 20:31 Uhr | CNW
SASKATOON, Aug. 25, 2020 - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR) is amending the proposal to its debentureholders announced June 1, 2020 to include the outstanding 2015 2.5% Convertible Subordinated Secured Debentures (the "Subordinated Debentures"). The Company has also set September 28, 2020 as the date of the joint extraordinary meeting (the "Debentureholder Meeting") of the holders of its 2015 2.5% Convertible Senior Secured Debentures – Series 1 (the "Series 1 Senior Debentures"), the holders of its 2015 2.5% Convertible Senior Secured Debentures – Series 2 (the "Series 2 Senior Debentures", and together with the Series 1 Debentures, the "Senior Debentures") and the holders of the Subordinated Debentures (the Subordinated Debentures together with the Senior Debentures, the "Debentures") to consider the proposal. At the Debentureholder Meeting, the applicable holders of the Debentures will be asked to consider the following amendments to the applicable Debentures:
Other than the extension to the maturity date and the reduction of the conversion price, the terms of the Debentures will remain unchanged. The amendments are subject to the condition precedent that all of the Debenture amendments are effected contemporaneously. Upon the amendments to the Debentures becoming effective, the default of the Company resulting from its failure to pay the principal amount of the Series 1 Senior Debentures on June 30, 2020 shall be waived. On September 28, 2020 the Debentureholder Meeting will be held at the offices of 49 North, 602 – 224 Fourth Avenue South, Saskatoon, Saskatchewan, at 10:00 a.m. (Central Standard Time). In light of ongoing concerns related to the spread of COVID-19, and in order to mitigate potential risks to health and safety of the holders of Debentures, employees and other stakeholders, 49 North is encouraging holders of Debentures and others not to attend the Debentureholder Meeting in person. Instead, we encourage you to vote your Debentures prior to the meeting. Please refer to the "General Proxy and Debentureholder Meeting Matters" section of the Company's management information circular dated August 20, 2020 (the "Circular") for further information. Anyone who regards their physical attendance at the Debentureholder Meeting as essential is asked to contact 49 North at (306) 653-2692 so that appropriate measures can be put in place to facilitate physical distancing and other precautions to ensure the health and safety of all attendees. 49 North will follow the guidelines and orders of the Provincial and Federal Public Health Authorities in that regard, including those restricting the size of public gatherings. Definitive information with respect to the proposed Debenture amendments is contained in the Circular. The Company has elected to use notice-and-access provisions of applicable securities law to deliver the meeting materials for the Debentureholder Meeting, including the Circular, to debentureholders. The Company has sent a notice (the "Notice-and-Access Notice") along with a proxy or voting instruction form to debentureholders. The Notice-and-Access Notice informs that the Circular (and, certain other meeting materials) have been posted online and explains how a debentureholder can access them or obtain from the Company a paper copy of such meeting materials. All debentureholder documents are available for download on the Company homepage at: www.fnr.ca. 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 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.
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