True North Gems has secured $4 million in financing in support of its Aappaluttoq Ruby Project in Southwest Greenland.
This latest round of financing comes from Greenland Venture, which has purchased 7 percent of the shares of True North’s Greenland subsidiary, True North Gems Greenland.
“With this funding arrangement, the company will be able to deliver on its vision of becoming one of the world’s leading colored gemstone production and exploration companies,” said Nicholas Houghton, president and CEO of True North, in a statement.
Immediate plans for the funds, according to a True North release, are to “finalize the delivery and installation of the processing system developed for the Aappaluttoq project.”
Construction began on the project in October 2014. The mine will be the first ethically sourced commercial ruby mining operation.