True North Gems Inc. of Vancouver, British Columbia, announced yesterday that it has signed an agreement with Norway’s Leonhard Nilsen & Sønner and related LNS Greenland for more than $11 million in financing.

The funds will enable True North to enter into the construction phase for its Aappaluttoq ruby and pink sapphire project in southern Greenland.

According to True North CEO Nicholas Houghton, the financing will help the company “deliver on its vision of becoming one of the world’s leading colored gemstone production and exploration companies,” he told the media this week. The goal of the project is to mine rubies and pink sapphires. 

For more information, contact Houghton at 604-687-8055 or by email at info@truenorthgems.com.

JCK