UPDATE: True North Gems Announces $15.75 M Strategic Investment by Lenomi Holdings; Up 45% Late Morning
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.
TGX is now trading at 6.5 cents, up 2 cents from Friday's close.
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