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True North Gems Greenland Files for Bankruptcy

Sep 8, 2016 10:50 AM   By Rapaport News
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RAPAPORT... True North Gems’ Greenland subsidiary True North Gems Greenland A/S (TNGG) has initiated voluntary bankruptcy proceedings after it failed to secure the necessary funding from financers and creditors.

TNGG’s main asset is the Aappaluttoq ruby and pink sapphire mine in southwest Greenland.

True North’s management has “worked relentlessly over the last year with various financing groups in an attempt to secure the necessary funding,” the company said.

“The company has also been in negotiation with the other major creditors and interested parties of TNGG to enable TNGG to continue operations. These initiatives have proved unsuccessful and TNGG was unable to re-capitalize in sufficient time to meet its September 2016 expenses,” it added.

Greenland’s court appointed trustees who will handle matters in relation to the mine and the associated license and assets on behalf of TNGG.

True North Gems has a 76 percent stake in the subsidiary, with NS Denmark APS holding 17 percent and Greenland Venture A/S owning the remaining 7 percent.
Tags: Aappaluttoq, bankruptcy, Rapaport News, ruby, sapphire, true north gems, True North Gems Greenland
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