Deal's proceeds will advance exploitation permit application process
By Devika Patel
Knoxville, Tenn., April 12 - True North Gems Inc. said it plans a C$3 million non-brokered private placement of units.
The company will sell 30 million units at C$0.10 apiece. Each unit consists of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$0.15 in the first year and at C$0.20 in the second. The strike prices are 20% and 60% premiums to the April 11 closing share price of C$0.125.
Proceeds will be used to advance the exploitation permit application process with the Greenland government, for seasonal exploration work and for general working capital and other corporate purposes.
True North is a gemstone exploration company based in Vancouver, B.C.
| Issuer: | True North Gems Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 30 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$0.15 in the first year, C$0.20 in the second
|
| Agent: | Non-brokered
|
| Pricing date: | April 12
|
| Stock symbol: | TSX Venture: TGX
|
| Stock price: | C$0.12 at close April 12
|
| Market capitalization: | C$13.74 million
|
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