True North Gems Announces Consolidation and Financing

TRUE NORTH GEMS ANNOUNCES CONSOLIDATION AND FINANCING

Vancouver – May 16, 202 4 – True North Gems Inc. (TSXV: TGX , the "Company") reports that,

subject to regulatory approval the board has resolved, subject to regulatory approval, to consolidate

its shares on a two old for one new basis, such that the current 33,577,353 will be consolidated into

16,788,676. In conjunction with the consolidation the Company’s name will be changed to True

North Resources Inc.

In addition, the Company reports that it intends to complete a placement of $0.06 unit s for a

minimum of $1,000,000 and a maximum of $1,500,000. Each unit shall be comprised of one post -

consolidated common share and one warrant. Each warrant shall be exercisable for 3 years; at an

exercise price of $0.50 in the first 90 days ; then $0. 75 thereafter; The warrants will have an

acceleration clause that will permit the directors to shorten the warrant term, to 30 days, in the event

that the warrants trade at $1.00, for ten consecutive trading days.

Use of Proceeds: Retirement of debt; reserve to source and evaluate potential resource acquisitions

including oil and gas opportunities ; resource exploration expenditures and general work ing capital.

Finders’ fees may be payable in accordance with TSXV policies. Insiders may subscribe for up to

1.25 M units of the financing.

On behalf of the Board of Directors of True North Gems Inc.

"M. Bilal Bhamji"

(signed)

M. Bilal Bhamji

Director

For further information, contact:

Email: [email protected]

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.