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true north gems inc (TGX) Snapshot

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true north gems inc (TGX) Details

True North Gems Inc. explores and develops colored gemstone deposits in Greenland and Canada. The company primarily explores for ruby, emerald, and sapphire. It owns 100% interest in the Aappaluttoq ruby project that consists of 2 prospecting licenses comprising 8 claim blocks covering 823 square kilometers in southwest coast of Greenland. It also holds a 100% interest in the Tsa da Glisza emerald property consisting of 105 claims located in Yukon, Canada; and the Beluga sapphire property comprising 4 claims located on Baffin Island, Nunavut in Canada. True North Gems Inc. was founded in 2001 and is based in Vancouver, Canada.

Founded in 2001

true north gems inc (TGX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: --
Chief Financial Officer
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

true north gems inc (TGX) Key Developments

True North Gems Inc. Auditor Raises 'Going Concern' Doubt

True North Gems Inc. filed its Annual on Apr 29, 2014 for the period ending Dec 31, 2013. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

True North Gems Inc., Annual General Meeting, Jun 26, 2014

True North Gems Inc., Annual General Meeting, Jun 26, 2014., at 10:00 Pacific Standard Time. Location: Suite 3114, 1055 Dunsmuir Street. Agenda: To receive and consider the report of the directors and the audited consolidated financial statements of the corporation together with the auditors' report thereon for the financial year ended December 31, 2013; to fix the number of directors at seven for the ensuing year; to elect directors for the ensuing year; to appoint the auditors for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditors; to consider and, if thought advisable, to pass an ordinary resolution to re-approve the corporation's rolling stock option plan, particulars of which are as set out in the accompanying Information Circular under Particulars of Matters to be Acted Upon; and to transact such other business as may properly come before the meeting or any adjournment thereof.

True North Gems Inc. Receives 30 Year Mining Licence for the Aappaluttoq Ruby Deposit

True North Gems Inc. announced that the Government of Greenland has awarded the company an exclusive 30-year exploitation (mining) licence for the Aappaluttoq Ruby Deposit, SW Greenland. The Aappaluttoq Ruby Deposit will be an open pit development, and over its initial 9-year mine life it will directly create up to 80 new jobs in Greenland; these will range from mining operations at the Aappaluttoq site to gemstone grading in the Nuuk Processing Facility. The project will also act as a stimulus for other investment in both secondary and supporting industries. Continued Development: The granting of the Exploitation Licence is the catalyst for future development; as previously announced, the company has been engaged in initial Impact Benefit Agreement (IBA) negotiations and continues to finalise the mine environmental monitoring and subsequent closure plan. The advanced process engineering design is also currently being finalised and will be completed in due course. Under the Exploitation Licence, which will become officially effective on March 10, 2014, True North has agreed to pay a gross revenue royalty to the Government of Greenland of 5.5% on all sales of rubies and pink sapphires exploited from the Aappaluttoq Ruby Deposit. The Gross Royalty will be payable in each calendar year when the total aggregate paid by True North in corporate taxes, withholding taxes and ‘Surplus Royalty’ are less than the calculated Gross Royalty in that calendar year, such that the Government receives a minimum amount. The Surplus Royalty is calculated at a rate of 15% on earnings before financial items and tax on any profit in any calendar year to the extent the annual profit exceeds the profit margin percentage of 40%. The new fiscal agreement will have no adverse impact on the net present value of the project.


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