True North Gems Announces Financing
True North Gems Announces Financing
Vancouver – December 18, 2020 – True North Gems Inc. (TGX: TSX -V) (“True North” “TGX” or the
“Company”) is pleased to announce it plans to complete a non-brokered private placement of up to 10,000,000
units (Flow-Through) of the Company at a price of 7.5 cents unit for aggregate gross proceeds to the Company
of up to $750,000.
Each flow-through unit will consist of one common share i ssued and one warrant issued on a flow -through
basis as contemplated by the Tax Act(Canada). Each warrant issued as part of the flow-through unit will entitle
the holder thereof to acquire and additional common share, which would not be a flow -through share, at an
exercise price of 10 cents for a period of 36 months from the closing date.
The Company may pay finders' fees equal to 7 per cent of the gross proceeds from a portion of the financing
in cash and 7 per cent of finders' warrants equal to the number of units sold based on the same terms and in
accordance with the policies of the TSX Venture Exchange.
The proceeds of the flow -through offering will be used to conduct resource exploration renouncable for the
2020 tax year.
Ken Ralfs, CEO
On behalf of the Board of Directors of True North Gems Inc.
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.
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, min ing 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 www.sedar.com, including, without limitation, those disclosed in the Company’s management’s
discussion & analysis. The Company expressly disclaims any intention or obligation to update or r evise any forward-
looking statements, except as otherwise required by applicable securities legislation.