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True North secures $10M in financing for ruby mine
True North Gems has signed an agreement with two companies to provide approximately $10 million to the company and its operating subsidiary for the Aappaluttoq ruby mine in Greenland.
The $10 million investment from the two LNS entities will enable True North to begin construction of the mine, which will supply rubies and pink sapphires. It also now will begin processing the remaining material extracted from the initial bulk sampling.
The deal is subject to approval by Canadian stock exchange TSX Venture.
Under the agreement, Leonhard Nilsen & Sonner A/S and LNS Greenland A/S have agreed to provide financing to True North as follows:
--LNS Group will invest $2.7 million through the purchase of 28,571,428 Class A common shares at the price of $0.1 per share;
--LNSG will purchase an additional 7 percent of TNGG for $2.7 million, which will increase their ultimate joint venture interest in TNGG to 27 percent;
--LNSG also will contribute an additional amount of up to $4.5 million of the construction costs relating to True North’s capital expenses at Aappaluttoq through a capital loan over the term of the initial mine life.
The deal builds on the initial $23 million earn-in agreement with LNSG (formally Greenland Mining Services), which outlined the company’s commitment to complete planning, civil engineering and investing of infrastructure capital to earn a 20 percent joint venture interest in the Aappaluttoq ruby project.
“This agreement and reinforcing of the joint partnership will provide True North the additional resources to transition quickly into the construction phase of the Aappaluttoq Ruby Project,” said President and CEO Nicholas Houghton. “With this funding arrangement, the company will be able to deliver on its vision of becoming one of the world's leading colored gemstone production and exploration companies.”
The government of Greenland awarded Canada’s True North Gems Inc. an exclusive 30-year mining license for the Aappaluttoq ruby deposit earlier this year.
The exploitation license was effective March 10 and under it, True North agreed to pay a gross revenue royalty to the government of the country of nearly 6 percent on all sales of rubies and pink sapphires mined from Aappaluttoq. The deposit will be an open-pit mine.
True North also owns 100 percent of the
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Tsa Da Glisza emerald property in the southeastern Yukon, Canada, which is comprised of 105 claims covering 21 square kilometers (about 13 square miles).
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