By Devika Patel
Knoxville, Tenn., Oct. 30 - True North Gems Inc. said it plans to raise C$1 million in a non-brokered private placement of units.
The company will sell 10 million units at C$0.10 apiece. Each unit consists of one common share and one warrant. Each warrant will be exercisable at C$0.20 for two years.
The warrants may expire sooner if the company's shares close higher than C$0.30 for 10 or more consecutive trading days.
Proceeds will be used for exploration expenditures, general working capital and other corporate purposes.
True North is a gemstone exploration company based in Vancouver, B.C.
Issuer: | True North Gems Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1 million
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Units: | 10 million
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Price: | C$0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | Oct. 30
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Stock symbol: | TSX Venture: TGX
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Stock price: | C$0.10 at close Oct. 30
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