By Sheri Kasprzak
Atlanta, April 7 - True North Gems Inc. said it plans to raise C$2,798,000 in a private placement.
The offering includes 6,995,000 units at C$0.40 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$0.50 each for two years.
Based in Vancouver, B.C., True North is a gemstone exploration company. It plans to use the proceeds from the private placement for exploration on its North American and Greenland colored-gemstone deposits. The remainder will be used for working capital.
Issuer: | True North Gems Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$2,798,000
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Units: | 6,995,000
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Price: | C$0.40
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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$0.50
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Pricing date: | April 7
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Stock price: | C$0.37 at close April 7
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