Deal’s proceeds will fund development of the Aappaluttoq Ruby Project
By Devika Patel
Knoxville, Tenn., Sept. 11 – True North Gems Inc. said it plans a C$3 million private placement of stock with Leonhard Nilsen & Sonner AS. LNS Greenland AS also plans to invest $8 million in the company through a joint venture interest and contribution.
The company will sell 28,571,428 class A common shares at C$0.105 per share. The price per share is a 5% premium to the Sept. 10 closing share price of C$0.10.
Proceeds will be used for development of the Aappaluttoq Ruby Project.
True North is a gemstone exploration company based in Vancouver, B.C.
| Issuer: | True North Gems Inc.
|
| Issue: | Class A common stock
|
| Amount: | C$3 million
|
| Shares: | 28,571,428
|
| Price: | C$0.105
|
| Warrants: | No
|
| Investor: | Leonhard Nilsen & Sonner AS
|
| Pricing date: | Sept. 11
|
| Stock symbol: | TSX Venture: TGX
|
| Stock price: | C$0.10 at close Sept. 10
|
| Market capitalization: | C$27.82 million
|
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