High North Resources Ltd. (TSXV:HN) entered into an agreement to acquire Valleyview Exploration Inc. in for CAD 4.5 million on April 15, 2013. Under the terms of agreement, High North Resources will issue its 10 million shares to Valleyview Exploration. Additionally, High North Resources will pay a non refundable deposit amount of CAD 0.1 million to Valleyview. Valleyview recorded total assets of approximately CAD 0.35 million, net loss of CAD 0.07 million, revenue of zero and shareholder's equity of CAD 0.17 million in the year ending on August 31, 2012. As of May 14, 2013, High North Resources announce a non-brokered private placement financing for the sale of 15 million non flow-through units at a price of CAD 0.35 per unit and 7.5 million flow-through shares at a price of CAD 0.4 cents per share, for total gross proceeds of CAD 8.3 million. Proceeds of the financing shall be used for acquisition of Valleyview Exploration. Roger Bethell, founder of Valleyview will join Board of Directors of High North Resources.

The transaction is subject to the completion of a private placement in an amount to be determined, TSX Venture Exchange approval, other standard closing items, and necessary regulatory approvals. It is also subject to certain other additional conditions precedent, including, but not limited to completion of satisfactory due diligence by High North Resources and Valleyview, approval of the respective Boards of Directors, and certain other conditions typical in a transaction of this nature.

High North Resources Ltd. (TSXV:HN) completed the acquisition of Valleyview Exploration Inc. on July 24, 2013.