Brief: True North Gems says unit has initiated voluntary bankruptcy proceedings

TGX Energy & Resources

07/09/2016 13:54

Sept 7 (Reuters) - True North Gems Inc  TGX.V  
    * True North Gems Greenland A/S has initiated voluntary 
bankruptcy proceedings under Bankruptcy Act in Greenland 
    * Company owns 76% of outstanding shares of TNGG 
    * Says TNGG was unable to re-capitalise in sufficient time 
to meet its September 2016 expenses 
    * Says True North's board of directors remains intact 
    * True North continues to hold a 100% interest in its Baffin 
Island property located on southeastern Baffin Island, Nunavut 
 
Source text for Eikon:  ID:nCCN1bnXs9  
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