BRIEF-True North Gems says unit has initiated voluntary bankruptcy proceedings

Wed Sep 7, 2016 9:24am EDT
 
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Sept 7 (Reuters) - True North Gems Inc

* 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: Further company coverage: