$1.47/share in cash added to the company!
49 NORTH RESOURCES INC. REALIZES ON EARLY STAGE INVESTMENT IN
ATHABASCA POTASH INC.
SASKATOON, SASKATCHEWAN - (Marketwire – March 23, 2010) The closing of the
acquisition of Athabasca Potash Inc. by BHP Billiton Canada Inc. pursuant to a statutory
plan of arrangement in accordance with section 186.1 of The Business Corporations Act
(Saskatchewan) was completed and announced earlier today (the "Arrangement"). The
Arrangement provides for the acquisition of all of the issued and outstanding common
shares of Athabasca Potash Inc. by BHP Billiton Canada Inc. for $8.35 cash per common
share.
Mr. Tom MacNeill, President and CEO of 49 North Resources Inc. ("49 North") (TSX
Venture: FNR) stated that "This transaction marks the first significant exit from one of 49
North’s many early stage investments and enhances our position as the premier provider
of resource capital for Saskatchewan’s rapidly developing exploration economy. We are
very pleased with the outcome of our investment in Athabasca Potash Inc. and have
enjoyed working with the company and it’s stakeholders from inception, during its initial
public offering, and on through to the completion of the sale to BHP Billiton Canada
Inc."
With the divestiture of its 2,254,000 common shares of Athabasca Potash Inc., 49 North
will receive $18,820,900 in cash. As 49 North currently has 12,754,883 shares
outstanding, this represents a cash injection of approximately $1.47 per 49 North share.
Proceeds from the sale will be used by 49 North to fund a variety of ongoing resource
development projects and early stage investments.
49 North Resources Inc. is a resource investment, financial and managerial advisory and
merchant banking company that invests in the Canadian resource sector, with an
emphasis on junior and intermediate mineral exploration companies with activities in
Saskatchewan. Additional information about the company is available at www.sedar.com.
For more information contact:
49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca.