09/04/09 -- North American Gem Inc. (TSX-V: NAG) (the "Company") would like to announce that it has arranged a non-brokered private placement, subject to the approval of the TSX Venture Exchange, of up to 5,000,000 units at a price of $0.06 per unit for total proceeds of up to $300,000. Each non-flow through unit will consist of one common share and one full warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.09 per share for the first year, $0.12 per share in the second year, and $0.15 per share in the third year.
The proceeds of the private placement will be used for exploration work on the Company's coal properties in Kentucky and general working capital. A finder's fee may be payable according to the policies of the TSX Venture Exchange.
The Company further 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 1,500,000 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 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
