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RAPAPORT... True North Gems Inc. confirmed the partial closing of its second tranche on a previously announced financing arrangement for $2,441.964 through the sale of 27,132,938 class A shares. The remainder of the second tranche is expected to close by the end of June. As part of the closing, True North Gems paid a commission of $122,098 and issued 813,989 broker warrants to Casimir Capital LP. The full completion of the second tranche closing will result in Lenomi Holdings Limited, a private investment company controlled by Joseph Gutnick, subscribing for an aggregate of 47,701,948 shares for 9 cents per share or gross aggregate proceeds of $4,293,175. Following the closing of the second tranche, Lenomi will hold approximately 19.9 percent of True North's issued and outstanding shares. This week, shareholders approved True North Gems' third tranche of the financing, which is expected to take place on or before August 1. Upon completion, Lenomi will hold approximately 45 percent of True North's issued and outstanding shares. Proceeds of the financing will advance the development of True North's Aappaluttoq ruby project in Greenland as well as general working capital.
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