True North Gems Inc.

True North Gems Inc.

June 03, 2015 12:46 ET

Halman Aldubi Provident and Pension Fund Reinforce Commitment to True North Gems by Exercising Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 3, 2015) - True North Gems Inc. (TSX VENTURE:TGX) ("True North" or the "Company") is pleased to announce the Halman Aldubi Provident and Pension Fund has exercised 8,333,334 share purchase warrants at an exercise price of $0.12 per share for a total investment in the Company of CDN$1 million. This increases their total shareholding to 14.8% of the issued and outstanding shares of the Company.

"The Company would like to publically thank the Halman Aldubi Group for their continued support. When a major shareholder invests further into the Company, it shows true confidence not only in our team but also the project and our joint venture partners," stated Nicholas Houghton, President and CEO of True North.

The Company would also like to give an update to the ongoing construction at its Aappaluttoq Ruby Project in Greenland:

  • The entire work track route from the camp to future explosives depot and onto the site of the process plant is now complete and vehicle accessible;
  • The helipad has been constructed and is now ready for gravel in fill;
  • Drilling, blasting and foundation pouring for the workshop is underway and soon to be completed ready for installation;
  • At the camp all accommodation units are now complete, all trench work is being filled, and the new kitchen and clinic buildings are ready to be fully equipped.

"The construction crew from the LNS Greenland and the support team from True North Gems Greenland continue to show an energetic and professional attitude to the workload on hand," said Bent Jensen, Managing Director of TNGG. "The excellent progress made in just the last few weeks helps keep the project on track and moving toward completion."

Continued progress reports will be issued and updated images can be viewed in the "Projects" section under the "Greenland Ruby" tab on the Company's website:

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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, 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.

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