True North Gems Inc. (TGX.V) will be entering into a best efforts agency agreement with Casimir Capital LP for a brokered private placement of up to 175,000,000 Class A common shares of True North at $0.09 per share for aggregate gross proceeds of up to $15,750,000.
The subscriber under the private placement will be Lenomi Holdings Limited, a private investment company controlled by Joseph Gutnick. Upon completion of the entire contemplated transaction, Lenomi will hold approximately 45% of the issued and outstanding Shares of True North.
The Company intends to use the net proceeds to advance the development of the Company's Aappaluttoq Ruby Project in Greenland.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
