EDISON EQUITY RESEARCH: TRUE NORTH GEMS - FUNDED THROUGH TO PRODUCTION

True North Gems (TGX) has secured C$5.3m via a share subscription agreement with Greenlandic private equity/venture capital firm Greenland Venture (GV). This financing effectively completes Aappaluttoq’s mine construction financing, paving the way to first production (expected Q415). A key near-term catalyst remains – sales agreements for Aappaluttoq’s ruby/pink sapphire output – the first of which are expected by year end.

True North Gems is developing its 85.4%-owned (65% on completion of the mine by its JV partner LNSG) and exploitation (mining) permitted Aappaluttoq ruby and pink sapphire mine in Greenland.

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