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True North Gems Inc. has been advised by the TSX Venture Exchange that it does not meet Tier 2 CLR and that if it does not meet these requirements it will be transferred to NEX.
The exchange identified two items requiring rectification by the company:
The company was able to demonstrate sufficient working capital as at Dec. 31, 2021, based on the agreement of certain creditors to postpone repayment of their indebtedness until Dec. 31, 2023.
Respecting the annual minimum required business activity of $50,000, the company has committed to complete exploration programs over the next six months. The company is actively preparing for the upcoming field season, soliciting quotes for airborne geophysical surveys and planning geochemical and geological fieldwork. The company expects to advance the recently acquired Cobalt Hill and REE projects in British Columbia during the first half of 2022
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