Mr. Tom MacNeill reports

49 NORTH RESOURCES INC. ANNOUNCES CLOSING OF RIGHTS OFFERING

49 North Resources Inc. has closed its previously announced rights offering for gross proceeds of $1,061,630. The rights offering was 67.23 per cent subscribed, with a total 10,908,413 rights being exercised for 2,727,103 units pursuant to the basic subscription privilege and 811,666 units issued pursuant to the additional subscription privilege.

49 North management is pleased with the extent of participation the shareholders undertook in exercising their rights. The company will use the proceeds to advance the oil and gas properties of its subsidiary Allstar Energy Ltd. Allstar is currently outfitting a water disposal well in the Riverside field, with the completion of additional standing wells at Riverside and Red Pheasant to follow.

Each unit was issued at a price of 30 cents and was comprised of one common share of 49 North and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of 50 cents per share at any time from 9 a.m. (Saskatoon time) on Oct. 29, 2015, until 5 p.m. (Saskatoon time) on Oct. 29, 2017.

In total, 3,538,769 common shares and 3,538,769 warrants were issued pursuant to the rights offering. The company now has 24,592,063 common shares issued and outstanding and 3,538,769 warrants outstanding.

We seek Safe Harbor.