North American Gem Inc. Announces Closing of the Private Placement and Repricing of Warrants
April 28 2009 - 4:31PM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") would like to
announce that the non-brokered private placement announced on March
4, 2009 has closed. The Company raised $618,000 at a price of $0.06
per share.
A total of 3,130,000 million 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 10 cents per share for the first year and 15 cents
until expiration the following year.
A total of 7,170,000 million 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 10 cents per share for the first year and 15 cents
until expiration the following year.
A total of 8,735,000 warrants were issued. One 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, and 15
cents until expiration the following year.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period of four months expiring
August 29, 2009. The proceeds of the private placement will be used
for exploration of the company's mineral properties and general
working capital.
The following pros participated in the private placement; Pro
group: Kerry Chow 300,000 flow-through shares and Roberto Chu
100,000 non-flow-through shares.
Finders' fees: $19,800 cash and 330,000 warrants (same terms as
private placement above) payable to PI Financial Corp. $10,050 cash
and 167,500 warrants (same terms as above) payable to Research
Capital Corp. $4,020 cash and 67,000 warrants (same terms as above)
payable to Bolder Investment Partners.
North American Gem would also like to announce that the TSX
Venture Exchange has approved the repricing of the outstanding
warrants in connection with a $1,118,700 non-brokered private
placement financing that closed May 7, 2007.
The amended terms will allow the holders of the warrants to
exercise them at an amended price of $0.08 until May 7, 2012. In
the event that the common shares of the Company are traded on the
TSX Venture Exchange at a price of $0.10 or more for ten
consecutive trading days (the "Premium Trading Days"), the warrants
will expire on the earlier of May 7, 2012 and 4:30 p.m. (Pacific
Time) on the date which is 30 calendar days after Premium Trading
Days has occurred; otherwise the warrants will expire on the 31st
day. The 30 day period will commence seven calendar days after the
tenth Premium Trading Day.
Investors are invited to visit the NAG IR Hub
At http://www.agoracom.com/IR/NorthAmericanGem where they can
post questions and receive answers or review questions and answers
already posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to NAG@agoracom.com
where they can also request to be added to the investor e-mail list
to receive all future press releases and updates in real time.
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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