True North Gems Enters Financial Agreement with Greenland's Largest Private Equity Fund
Published : February 27, 2013
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Keywords :   Greenland | Market | Recovery | Ruby | Volatility |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2013) - True North Gems Inc. (News - Market indicators) ("True North" or the "Company") announces it has entered into a financial agreement with Greenland Venture A/S ("Greenland Venture"), the largest private equity fund in Greenland. Greenland Venture will invest a total of 4.5 million DKK (equivalent to approximately $800,000 CDN) with True North's wholly owned Greenlandic subsidiary True North Gems Greenland A/S ("TNGG"). These funds will be utilized for general working capital and will also facilitate the public hearings and other Greenlandic matters during the final stages of permitting for the Aappaluttoq Ruby Project.

The funding comprises a 500,000 DKK equity component with TNGG and a 4 million DKK commercial loan bearing 10% annual interest. The equity will be issued to Greenland Venture as class B voting shares of TNGG. Greenland Venture will also have the right to appoint a representative on the Board of Directors of TNGG. The loan has a term of 60 months, with repayment guaranteed by True North.

"Greenland Venture realise the potential offered by the burgeoning Greenlandic mining industry while seeking to endorse their belief in Greenlandic operations and development," stated True North Gems President and CEO Nick Houghton.

Greenland Venture A/S specializes in providing venture finance to companies operating in Greenland. Greenland Venture is a subsidiary of Greenland Holding, A/S, a private equity company. The fund's investment strategy is primarily aimed at small and medium-sized enterprises in Greenland, or companies that otherwise have a general interest in the development of Greenlandic society. The enterprise must have commercially viable activities that directly or indirectly create added value for Greenland through import/export, production or services.

"Our mandate is to invest in the development of Greenland; we see this as the perfect opportunity to show our confidence in the country, the potential of its mining industry and in the Aappaluttoq Ruby Project," commented Karsten Hoy, CEO of Greenland Venture.

This transaction is subject to TSX Venture Exchange approval.

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, 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.

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.

True North Gems Inc.
Nicholas Houghton
President and CEO
604-687-8055 or 1-800-399-8055
True North Gems Inc.
Meghan Brown
Corporate Communications
604-687-8055 or 1-800-399-8055
604-899-1240 (FAX)
Data and Statistics for these countries : Greenland | All
Gold and Silver Prices for these countries : Greenland | All

True North Gems Inc

ISIN : CA89784R1055
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True North Gems is an exploration and nickel company based in Canada.

True North Gems holds various exploration projects in Canada.

Its main exploration properties are FISKENAESSET (GREENLAND RUBY) in Greenland and TSA DA GLISZA (YUKON EMERALD), BANDITO and BELUGA SAPPHIRE in Canada.

True North Gems is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.5 millions as of today (US$ 1.2 millions, € 1.0 millions).

Its stock quote reached its highest recent level on December 06, 2002 at CA$ 1.75, and its lowest recent point on May 25, 2018 at CA$ 0.01.

True North Gems has 307 740 000 shares outstanding.

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Annual reports of True North Gems Inc
Annual Report 2007
Financings of True North Gems Inc
5/27/2013to Close Second Tranche of Brokered Private Placement
4/8/2013Completes $500,000 First Tranche of Brokered Private Placeme...
4/12/2011Announces $3.0 M Private Placement
Nominations of True North Gems Inc
2/2/2015Appoints Hayley Henning as Vice President for Marketing and ...
10/17/2012Appoints Vice President of Engineering
Corporate news of True North Gems Inc
4/13/2016True North Gems Engages Endeavour Financial Limited as Advis...
4/12/2016True North Gems Provides Construction Update
3/3/2016True North Gems Announces Results from the First Evaluation ...
2/18/2016True North Gems Provides Operations Update
1/28/2016True North Gems Announces US $21 million Strategic Offtake A...
12/2/2015True North Gems Commences Mining at the Aappaluttoq Ruby and...
11/5/2015True North Gems Completes Procurement & Shipping of Gemstone...
10/19/2015Aappalutoq Ruby Mine Reaches 75% Completion and Joint Ventur...
9/30/2015True North Gems Pours Concrete for the Aappaluttoq Ruby and ...
8/26/2015True North Gems Secures US$4 Million in Financing for the Aa...
7/8/2015True North Gems Announces Corporate Change and AGM Results
6/3/2015Halman Aldubi Provident and Pension Fund Reinforce Commitmen...
6/3/2015Halman Aldubi Provident and Pension Fund Reinforce Commitmen...
5/7/2015True North Gems Conclude Successful Community and Government...
4/30/2015True North Gems Provides Mine Construction Update
3/18/2015Files Pre-Feasibility Study and Provides Construction Update...
3/18/2015True North Gems Files Pre-Feasibility Study and Provides Con...
2/26/2015True North Gems Appoints Raymond Simpson to Board of Directo...
2/25/2015True North Gems Announces Positive Update to Aappaluttoq Pre...
2/2/2015True North Gems Appoints Hayley Henning as Vice President fo...
1/29/2015True North Gems Provides Aappaluttoq Construction Update
1/29/2015Provides Aappaluttoq Construction Update
1/6/2015True North to Update Aappaluttoq Pre-Feasibility Study
12/16/2014True Norths Gems Inc.: Mine Development Progress Report for ...
12/3/2014Greenland parties in coalition talks, mining in focus
11/29/2014Greenland's ruling party to seek coalition after narrow elec...
11/13/2014True North Gems Provides Mine Development Update for the Aap...
10/30/2014True North Gems Closes $11 Million Finance Package for the A...
9/23/2014True North Gems and Partner Initiate Construction at the Aap...
9/11/2014True North Gems Secures $11 million Finance Package for the ...
6/27/2014True North Gems Announces AGM Results
6/4/2014Municipality of Sermersooq Approves Impact Benefit Agreement...
5/30/2014True North Gems Obtains Greenland Government Approval for Ru...
9/19/2013Announces Formal Invitation to Commence The Impact and Benef...
9/5/2013Concludes Successful Public Hearings
8/26/2013Greenland Government Announces Public Hearing Dates for True...
8/20/2013Completes Successful Greenland Information Meetings
8/9/2013Provides Corporate Update
7/16/2013Announces Greenland Public Hearings Schedule
6/10/2013Greenland Government Initiates Public Hearing Process Follow...
3/25/2013Announces $15.75 Million Strategic Investment by Lenomi Hold...
2/27/2013Enters Financial Agreement with Greenland's Largest Private ...
1/28/2013Completes Sale of Fyre Lake Properties
1/21/2013Completes Sale of Yukon Rare Earth Project
12/21/2012Grants Stock Options
11/20/2012Signs Partnership Agreement to Construct and Operate the Aap...
11/6/2012Completes Oversubscribed $1.1 Million Private Placement
6/13/2011Applies for Mining Permit on the Aappaluttoq Ruby Deposit
6/1/2011Receives Positive Pre-Feasibility Study for Aappaluttoq Ruby...
5/17/2011Announces Initial Mineral Resource Estimate for Aappaluttoq ...
4/29/2011Is Pleased to Announce the Completion of the Second Tranche ...
4/26/2011Completes $2.76 Million First Tranche Private Placement Over...
4/5/2011Advances Aappaluttoq Permitting With Terms of Reference for ...
3/3/2011Completes Initial Stakeholder Meetings in Greenland
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