North American Gem Inc. Raises Over $900,000 Through the Exercising of Warrants
April 21 2010 - 8:00AM
Marketwired
North American Gem Inc. (NAG) (TSX VENTURE: NAG) reports that it
has currently raised $929,120 through the exercising of warrants.
In combination with the revenue being produced from mining
operations at the North American Gem #1 Mine, the money raised
through the exercising of warrants will be used to fund several of
NAG's upcoming projects. In particular, the money raised will fund
the bonding for the North American Gem #2 Mine, the bonding for the
pending Swan Pond lease (North American Gem #3 Mine) and provide
the capital necessary for the building of additional hauling roads
and sediment ponds.
"As a result of the recent infusion of capital, the Company will
not have to go to the to the public market to raise additional
funds to satisfy our near term needs." stated Charles Desjardins,
President of North American Gem Inc. "This capital will ensure full
funding for all of North American Gem's current projects and will
also allow the Company to acquire additional coal leases and permit
multiple land tracts."
Mr. Dean Schafer is acting as operations manager of all the
Company's Kentucky coal leases and is currently implementing an
overall mine plan.
Ms. Deborah Moses, PEng, PLS, REM, of Engineering Consulting
Services Inc. (ECSI) is the qualified person for the Company's coal
operations in Kentucky and West Virginia.
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, gold, 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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