Markets

49 North Resources Inc Increases Ownership of Allstar Energy to 100%

A pen next to a calculator.
Credit: Shutterstock photo

49 North Resources Inc. (FNR.V) has agreed to purchase the remaining shares of its previously 89.5% owned subsidiary, Allstar Energy Limited for $1,250,000 payable through the issuance of 288,462 common shares of 49 North at a deemed price of $3.25 per share, cash consideration of $100,000 payable at closing and issuance of an interest free promissory note in the amount of $212,500 due April 30, 2012. 49 North acquired its initial stake in Allstar in April, 2010.

49 North will hold 100% of the issued and outstanding shares of Allstar, which has the exclusive right to explore for and extract oil and gas from approximately 42,000 acres of highly prospective oil and gas land, all located in West Central Saskatchewan. Since 49 North acquired its initial interest in Allstar the company has drilled and completed 17 horizontal wells at Kindersley and 6 vertical wells on its Red Pheasant property south of North Battleford.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities