North American Gem Inc. Closes Private Placement and Grants Incentive Stock Options
October 08 2009 - 3:49PM
Marketwired
North American Gem Inc. (TSX-V: NAG) (the "Company") would like to
announce that the non-brokered private placement announced on
September 4, 2009 has closed. The Company raised $300,000 at a
price of $0.06 per share.
A total of 5,000,000 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 9 cents
per share for the first year, 12 cents per share for 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 of four months expiring
February 8, 2010. The proceeds of the private placement will be
used for exploration of the company's mineral properties and
general working capital.
The following pro participated in the private placement: Pro
group: Roberto Chu 125,000 non-flow-through shares
Finders' fees: $13,650 cash and 227,500 warrants (same terms as
private placement above) payable to PI Financial Corp. $5,010 cash
and 83,500 warrants (same terms as private placement above) payable
to Bolder Investment Partners. $5,100 cash and 85,000 warrants
(same terms as private placement above) payable to Research Capital
Corp.
North American Gem Inc. would also like to announce that
pursuant to its stock option plan, the Company has granted
incentive stock options to its directors, officers, consultants,
and employees to purchase in the total of 600,000 common shares in
the capital stock of the company, subject to regulatory approval,
exercisable for a period of five years, at a price of $0.10 cents
per share.
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
Kentucky, 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.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
"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."
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. 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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