North American Gem Inc. Announces Private Placement and Grants Incentive Stock Options
January 28 2011 - 5:04PM
Marketwired
North American Gem Inc. (NAG) (TSX VENTURE: NAG) would like to
announce that it has closed the Non-Brokered Private Placement
announced January 11th 2011. NAG raised $647,500 at a price of
$0.10 per share.
A total of 6,475,000 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 12 cents
per share for the first year and at a price of 15 cents per share
during the second and final year.
A total of 6,475,000 warrants were issued. One warrant will
entitle the holder to purchase one additional common share of the
company at a price of 12 cents per share for the first year and at
a price of 15 cents per share during the second and final year.
Shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period of four months expiring May
27, 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 participated in the private placement;
Pro group: Darrell Jamha 100,000 non-flow-through shares; Ivano
Veschini 200,000 non-flow-through shares; Kerry Chow 300,000
non-flow-through shares; Roberto Chu 100,000 non-flow-through
shares.
Finders' fees: Haywood Securities Ltd. receives $39,000 and
390,000 share purchase warrants (same terms as above), Northern
Securities Inc. receives $5,500 and 55,000 share purchase warrants
(same terms as above).
The proceeds of the private placement will be used for
exploration of the company's mineral properties and general working
capital.
Incentive Stock Options
NAG announces 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
2,000,000 common shares in the capital stock of the company,
subject to regulatory approval, exercisable for a period of five
years, at a price of $0.11 per share.
North American Gem Inc. (TSX VENTURE: 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, 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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