49 North Resource Fund Completes Merger Transaction
Wednesday February 21, 4:31 pm ET
SASKATOON, SASKATCHEWAN--(CCNMatthews - Feb. 21, 2007) - 49 North Resource Fund Limited Partnership (TSX VENTURE:FNR.UN - News; 49 North) reported that it has acquired all of the outstanding limited partnership units in 49 North 2006 Resource Flow-Through Limited Partnership (the 2006 Fund) in a series of transactions that closed February 21, 2007. As part of the transactions, 49 North issued from its treasury, to unit holders of the 2006 Fund, a total of 1,598,314 units in exchange for a total of 1,623,006 units of the 2006 Fund. For these purposes, the units of the two Funds were valued at approximately $4.30 for the 2006 Fund and $4.37 for 49 North, respectively, reflecting their respective net asset values per unit as of February 8, 2007; and a representing a conversion ratio of approximately 0.985 units in 49 North being issued for each unit acquired in the 2006 Fund. As a result, the total number of units of 49 North that are now issued and outstanding has increased from 1,200,000 to 2,798,314 units.
49 North has also acquired all of the assets and assumed all of the liabilities of the 2006 Fund; and the 2006 Fund has now been wound-up and dissolved. The transactions were carried out on a tax deferred, roll-over basis pursuant to applicable provisions of the Income Tax Act (Canada) and are not expected to have any immediate tax consequences to the parties.
49 North is a Saskatoon based investment fund uniquely focused on junior and intermediate mineral and oil & gas companies with exploration programs in Saskatchewan. As a result of the transactions 49 North's investment portfolio now includes holdings in forty-two resource companies and cash resources with a combined value, as of February 7, 2007, of approximately $13.9 million and a net asset value of approximately $12.2 million. The following is a summary of 49 North's portfolio after giving effect to the transactions.
Portfolio Securities - Pro Forma at February 7, 2007 % of
Total
Issuer Exchange Symbol No. of Shares Value Assets
Allyn Resources Inc TSXV ARR 1,994,000 129,610 0.93%
Anglo Minerals Ltd. TSXV ALM 244,000 263,520 1.90%
Arsenal Energy Inc. TSX AEI 249,214 221,800 1.60%
Athabasca Potash Inc. private 1,155,555 462,222 3.33%
Aurex Copper Mines Corp. private 640,000 139,200 1.00%
Berkeley Resources Inc. TSXV BKS 166,660 116,662 0.84%
Blackdog Resources Ltd. TSXV DOG 272,710 113,175 0.81%
Brett Resources Inc. TSXV BBR 606,000 502,980 3.62%
Canalaska Uranium Ltd. TSXV CVV 405,555 308,222 2.22%
Cheyenne Energy Inc. TSXV CHY 714,280 185,713 1.34%
Claude Resources Inc. TSX CRJ 542,235 921,799 6.64%
Copper Canyon Resources
Ltd. TSXV CPY 308,000 184,800 1.33%
Copper Reef Mining
Corporation private 1,500,000 266,664 1.92%
Eagle Plains Resources
Ltd. TSXV EPL 451,538 352,200 2.54%
EL Nino Ventures Inc. TSXV ELN 727,270 312,726 2.25%
ESO Uranium Corp. TSXV ESO 809,944 664,154 4.78%
Fair Sky Resources Inc. TSXV FSK 65,570 107,535 0.77%
Golden Band Resources
Inc. TSXV GBN 1,948,410 925,495 6.66%
Goldsource Mines Inc. TSXV GXS 567,429 170,229 1.23%
Great Western Diamonds
Corp. TSXV GWD 2,052,000 923,400 6.65%
Great Western Minerals
Group Ltd. TSXV GWG 1,961,999 765,180 5.51%
Halo Resources Ltd. TSXV HLO 490,555 245,278 1.77%
Hathor Exploration Ltd. TSXV HAT 104,000 170,560 1.23%
Ivory Energy Inc. TSXV IV 294,117 191,176 1.38%
J-Pacific Gold Inc. TSXV JPN 625,000 268,750 1.93%
Longford Corporation TSXV LFD 1,500,000 255,000 1.84%
Magnus Energy Inc. TSXV MEI 161,635 54,956 0.40%
Metalex Ventures Ltd. TSXV MTX 100,000 76,000 0.55%
Nordic Oil & Gas Ltd. TSXV NOG 444,000 102,120 0.74%
Northern Freegold
Resources Ltd. TSXV NFR 360,000 288,000 2.07%
Panterra Resources Corp. TSXV PAN 1,253,500 300,840 2.17%
Red Rock Energy Inc. private 342,856 239,999 1.73%
Ruby Energy Inc private 499,996 266,663 1.92%
Santoy Resources Ltd TSXV SAN 228,711 228,711 1.65%
Skeena Resources Limited TSXV SKE 146,500 32,230 0.23%
Stikine Gold Corp. TSXV SKY 1,666,667 475,000 3.42%
Tagish Lake Gold Corp. TSXV TLG 2,104,846 463,066 3.33%
Titan Uranium Inc. TSXV TUE 200,000 408,000 2.94%
Trivello Energy Corp. TSXV TRV 1,000,000 110,000 0.79%
UEX Corporation TSX UEX 24,000 106,560 0.77%
Valgold Resources Ltd. TSXV VAL 833,334 225,000 1.62%
Wescan Goldfields Inc. TSXV WGF 1,699,586 637,344 4.59%
ESO Uranium
Corp.(warrants) 250,000 14,000 0.10%
Canalaska Uranium Ltd.
(warrants) 277,778 44,445 0.32%
Cash and deposits 650,706 4.68%
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Total Assets 13,891,689 100.00%
Total Liabilities (1,662,284)
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Net Asset Value 12,229,404
Outstanding Units 2,798,314
Net Asset Value per Unit 4.37
Additional information about 49 North Resource Fund Limited Partnership is available at www.sedar.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Tom MacNeill
49 North Resource Fund Limited Partnership
(306) 664-4626
Email: investorrelations@49northresource.ca
