True North Gems Announces $1.5 Million Private Placement Financing
December 27 2013 - 10:34AM
Marketwired
True North Gems Announces $1.5 Million Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 27, 2013) - True
North Gems Inc. (TSX-VENTURE:TGX) ("True North" or the "Company")
is pleased to announce that it will be conducting a non-brokered
private placement equity financing under which it intends to issue
up to 16,666,667 units at a price of $0.09 per unit for gross
proceeds of up to $1,500,000. Each unit will be comprised of one
common share of the Company 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 $0.12. The securities to be
issued under the financing will be subject to a four month hold
period. The terms of the financing are subject to the approval of
the TSX Venture Exchange.
The Company intends to use the net proceeds of the Transaction
to advance the development of the Company's Aappaluttoq Ruby
Project in Greenland, and also as general working capital.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Visit our website: www.truenorthgems.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document contains "forward-looking information" and
"forward-looking statements" (together, "forward-looking
statements") within the meaning of applicable securities
legislation, which are made as of the date of this document or the
document(s) referred to herein. Statements that express
predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always,
using words or phrases such as "expects", "anticipates", "plans",
"projects", "estimates", "intends", "strategy", "goals",
"objectives" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements. Forward-looking statements
include, without limitation, statements with respect to: the amount
of mineral reserves and mineral resources; the amount of future
production over any period; net present value and internal rates of
return of the proposed mining operation; capital costs; operating
costs; strip ratios and mining rates; and mine life. The
forward-looking statements are made based upon certain assumptions
which, if untrue, could cause the actual results, performances or
achievements of the Company to be materially different from future
results, performances or achievements expressed or implied by the
forward-looking statements. These assumptions include, without
limitation: the price of gemstone products produced; anticipated
costs; the presence of and continuity of gemstones at modeled
grades and values; the capacities of various machinery and
equipment; the availability of personnel, machinery and equipment
at estimated prices; exchange rates; appropriate discount rates;
tax rates applicable to the proposed mining operation; financing
structure and costs; anticipated mining losses and dilution;
gemstone recovery rates; reasonable contingency requirements; and
receipt of regulatory approvals on acceptable terms. By their very
nature, forward-looking statements involve inherent risks and
uncertainties that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
statements. These include, without limitation: price volatility,
discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries, mining
operational and development risks, regulatory restrictions
(including environmental regulatory restrictions and liability),
activities by governmental authorities (including changes in
taxation), currency fluctuations, the speculative nature of
gemstone exploration, the global economic climate, dilution, share
price volatility, competition, loss of key employees; additional
funding requirements and defective title to mineral claims or
property]. This list is not exhaustive. See also, for example, the
risks disclosed in the Company's other disclosure documents filed
at www.sedar.com, including, without limitation, those disclosed in
the Company's management's discussion & analysis. The Company
expressly disclaims any intention or obligation to update or revise
any forward-looking statements, except as otherwise required by
applicable securities legislation.
True North Gems Inc.Nicholas HoughtonPresident and
CEO604-687-8055True North Gems Inc.Joanna HallCorporate
Coordinator604-687-8055info@truenorthgems.comwww.truenorthgems.com
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