11:18 AM EST - 49 North Resources Inc. : said that it has agreed to purchase 750,000 Class "A" common shares of North Rim Exploration Ltd. for a purchase price of $1.00 per share. Following the completion of the acquisition, 49 North will hold 50% of the issued and outstanding shares of North Rim Exploration and the remaining 50% of the shares will be held by key employees and exclusive consultants of North Rim Exploration. The purchased shares will be acquired from North Rim Holdings Ltd. and The Halabura Family Trust in two tranches, the first tranche is scheduled to close October 16, at which time 49 North shall pay cash consideration of $375,000 for 375,000 of the purchased shares. The second and final tranche is scheduled to close December 31, at which time 49 North shall receive the remaining purchased shares in consideration of issuing a promissory note in the amount of $375,000 with interest accruing at the Royal Bank of Canada Prime lending rate, as published from time to time, plus 2%. 49 North Resources Inc.
shares V.FNR are trading even at $2.35.
