North American Gem Inc. Closes First Tranche of Private Placement
22 Settembre 2010 - 10:00PM
Marketwired
North American Gem Inc. (NAG) (TSX VENTURE: NAG) would like to
announce that the first tranche of the non-brokered private
placement originally announced on August 4th, 2010 and reprised on
September 8th 2010 has been conditionally accepted by the TSX
Venture Exchange. The Company raised $792,086.24 at a price of
$0.08 per unit in the first tranche.
A total of 9,901,078 units were issued as non-flow-through units
consisting of one common share and one non-transferable share
purchase warrant. Each warrant will entitle the holder to purchase
one additional common share of the company at a price of 10 cents
per share for the first year, 12 cents per share on the second year
and 15 cents per shares until expiration on the third year.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period expiring January 21, 2011.
The proceeds of the private placement will be used for exploration
of the company's mineral properties and general working
capital.
The following insider and pros participated in the private
placement;
Insider: Charles Desjardins 200,000 shares
Pro group: Ivano Veschini 250,000 shares, Kerry Chow 400,000
shares, Roberto Chu 100,000 shares, and Paul Wann 150,000
shares.
Finders' fees: $38,100 cash and 476,250 warrants (same terms as
private placement above) payable to PI Financial Corp. $7,200 cash
and 90,000 warrants (same terms as above) payable to Bolder
Investment Partners.
North American Gem Inc. (TSX VENTURE: NAG) is a junior resource
company in Western Canada. The company's major focus is expanding
its coal mining operations at its flagship properties in Kentucky.
In addition, the company has interests in coal, copper, molybdenum,
and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
Charles Desjardins, President and Director
Cautionary note:
This report contains forward looking statements. Resource
estimates, unless specifically noted, are considered speculative.
Any and all other resource or reserve estimates are historical in
nature, and should not be relied upon. The production rate and
mine-life projections have been made without support of a
feasibility study, there is no certainty the proposed operations
will be economically viable. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
"Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: North American Gem Inc. Charles Desjardins President
and Director 604-683-5445 604-687-9631 (FAX)
info@northamericangem.com www.northamericangem.com
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