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UPDATE: 49 North Resources to Sell Kindersley Viking Assets for $24 Million; Stocks Up 1%

49 North Resources Inc.'s (FNR.V) 100% owned subsidiary Allstar Energy Limited has executed a definitive agreement to sell its Kindersley Viking assets for cash consideration totalling $24 million.

The proceeds from the disposition will be used to payout working interest holders, eliminate the indebtedness under Allstar's outstanding credit facility and to provide drilling capital for Allstar's Riverside and Red Pheasant properties.

FNR went up by 1% to $1.90, moving further away from year low $1.45. Volume traded so far is about 5,000.

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

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