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True North Gems to Raise Funds With Private Placement

Company will conduct placement to issue up to 16.6 million units for gross proceeds of up to $1.5 million.
Dec 27, 2013 12:39 PM   By Jeff Miller
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RAPAPORT... True North Gems Inc. will conduct a non-brokered private placement under which it intends to issue up to 16,666,667 units at a price of 9 cents each for gross proceeds of up to $1.5 million. Each unit will include one common share of True North Gems and one-half of one common share purchase warrant, with each full warrant exercisable for two years for an additional share at a price of 12 cents.

The securities to be issued under the financing will be subject to a four month hold period and terms of this placement are subject to the approval of the Toronto Stock Exchange's venture exchange. True North Gems intends to use the proceeds  to advance  development of its  Aappaluttoq ruby project in Greenland.
Tags: funding, greenland, Jeff Miller, rubies, true north gems
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