Deal's proceeds will advance exploitation permit application process
By Devika Patel
Knoxville, Tenn., Nov. 6 - True North Gems Inc. said it raised C$368,700 in the second and final tranche of a C$1.09 million oversubscribed non-brokered private placement of units. The deal priced for C$1 million on July 31 and raised C$725,400 on Aug. 13.
The company sold 21,882,000 units of one common share and one half-share warrant at C$0.05 per unit. It sold 14,508,000 units in the first tranche and 7,374,000 units in the second.
Each whole warrant will be exercisable at C$0.12 for one year. The strike price is a 140% premium to the July 30 closing share price of C$0.05.
Proceeds will be used to advance the exploitation permit application process with the Greenland government as well as for seasonal exploration work, 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$1,094,100
|
| Units: | 21,882,000
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 13 (for C$725,400), Nov. 6 (for C$368,700)
|
| Stock symbol: | TSX Venture: TGX
|
| Stock price: | C$0.05 at close July 30
|
| Market capitalization: | C$13.42 million
|
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