North American Gem Inc. to Reprice and Extend Warrants
24 April 2009 - 8:11AM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") announces
that, subject to TSX Venture Exchange approval, 2,742,500 common
share purchase warrants outstanding in connection with a $1,118,700
non-brokered private placement financing that closed May 7, 2007
will be re-priced and their expiry extended as noted below.
The amended terms of the outstanding warrants will allow the
holders of the warrants to exercise them at an amended price of
$0.10 until May 7, 2012. In the event that the closing price of the
common shares of the Company on the TSX Venture Exchange is at a
price in excess of $0.10 for ten consecutive trading days (the
"Premium Trading Days"), the warrants will expire 30 calendar days
commencing on the 7th calendar day following the occurrence of the
Premium Trading Days.
North American Gem Inc. (TSX-V: NAG) is a Junior Exploration
Company based in Western Canada. The Company's primary goal is to
explore for Coal in North America, currently the focus is in
Saskatchewan and West Virginia. In addition to Coal exploration,
the Company also has interests in Uranium, Copper, Gold, Molybdenum
and other base metals in Canada. The Company has advanced the
Louise Lake Copper-Gold-Molybdenum-Silver project, located in
British Columbia and has produced a NI 43-101 compliant resource
estimate (included in its NI 43-101 Technical Report dated July 14,
2006 and updated February 6, 2009, as filed on SEDAR). The Uranium
projects include the Whiskey Gap and Western Basin in Alberta, the
Mosquito Gulch property in the Northwest Territories and the Ranger
Lake Uranium property in Ontario.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
"Neither TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release."
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. 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.
Contact: North American Gem Inc. 604-683-5445
info@northamericangem.com
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