North American Gem Inc. Announces Closing of the Private Placement
02 September 2009 - 7:55AM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") would like to
announce that the non-brokered private placement announced on
August 11, 2009 has closed. The Company raised $500,000 at a price
of $0.05 per share.
A total of 5,430,000 units were issued as flow-through units
consisting of one common share and one-half of one non-transferable
share purchase warrant. One warrant will entitle the holder to
purchase one additional common share of the company at a price of 8
cents per share for the first year, 10 cents per share on the
second year and 12 cents per shares until expiration on the third
year.
A total of 4,570,000 units were issued as non-flow-through units
consisting of one common share and one non-transferable share
purchase warrant. One warrant will entitle the holder to purchase
one additional common share of the company at a price of 8 cents
per share for the first year, 10 cents per share on the second year
and 12 cents per shares until expiration on the third year.
A total of 7,284,000 warrants were issued. One warrant will
entitle the holder to purchase one additional common share of the
company at a price of 8 cents per share for the first year, 10
cents per share for the second year and 12 cents per share until
expiration on the third year.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period of four months expiring
January 1, 2010. The proceeds of the private placement will be used
for exploration of the company's mineral properties and general
working capital.
The following pros and insiders participated in the private
placement:
Pro group: Kerry Chow 500,000 flow-through shares
Roberto Chu 100,000 non-flow-through shares
Insider Group: Charles Desjardins 200,000 flow-through shares
Finders' fees: $24,200 cash and 484,000 warrants (same terms as
private placement above) payable to PI Financial Corp. $5,000 cash
and 100,000 warrants (same terms as above) payable to West Oak
Capital Partners Inc. $3,450 cash and 69,000 warrants (same terms
as above) payable to Bolder Investment Partners.
North American Gem would also like to announce the appointment
of Mr. Peter Dickie to the Board of Directors. Mr. Dickie is a
businessman with over 20 years of experience with both public and
private companies holding numerous senior management positions. Mr.
Wayne Shay recently announced his resignation as director of the
company.
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, West Virginia and Kentucky. 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.
North American Gem 430 - 609 Granville Street Vancouver, BC,
Canada V7Y 1G5 Phone 604-683-5445 Facsimile 604-687-9631
info@northamericangem.com www.northamericangem.com
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