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True North Gems ( (TSE:TGX) ) has issued an update.
TGX Energy & Resources Inc. plans a non-brokered private placement of up to 1.2 million units at $0.10 each, raising as much as $120,000 to fund exploration on its Yukon rare earth project, update technical reports, assess new resource and oil and gas opportunities, and bolster working capital. Each unit includes one common share and a one-year warrant exercisable at $0.13, with all securities subject to a four-month-plus-one-day hold and contingent on TSX Venture Exchange approval.
The company has also revised previously announced debt settlements and now intends to retire $190,451.20 in geological consulting payables by issuing 1,904,512 units at a deemed price of $0.10, each comprising one share and a half-warrant exercisable at $0.13 for 12 months. The combined private placement and debt-for-equity swap aim to strengthen TGX’s balance sheet without creating new insiders or control persons, subject to regulatory clearance.
More about True North Gems
TGX Energy & Resources Inc. is a Vancouver-based resource company listed on the TSX Venture Exchange that focuses on mineral exploration, including a rare earth project in the Yukon. The company is also evaluating resource acquisition and investment opportunities, including in the oil and gas sector, while managing its capital structure through equity-based financings.
Average Trading Volume: 1,961
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$1.4M
Find detailed analytics on TGX stock on TipRanks’ Stock Analysis page.