North American Gem Inc. Closes First Tranche of Private Placement
September 22, 2010: North American Gem Inc. (NAG) (TSX-V symbol: NAG) would like to announce that the first tranche of the non-brokered private placement originally announced on August 4th, 2010 and reprised on September 8th 2010 has been conditionally accepted by the TSX Venture Exchange. The Company raised $792,086.24 at a price of $0.08 per unit in the first tranche.
A total of 9,901,078 units were issued as non-flow-through units consisting of one common share and one non-transferable share purchase warrant. Each 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, 12 cents per share on 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 expiring January 21, 2011. The proceeds of the private placement will be used for exploration of the company's mineral properties and general working capital.
The following insider and pros participated in the private placement;
Insider: Charles Desjardins 200,000 shares
Pro group: Ivano Veschini 250,000 shares, Kerry Chow 400,000 shares, Roberto Chu 100,000 shares, and Paul Wann 150,000 shares.
Finders' fees: $38,100 cash and 476,250 warrants (same terms as private placement above) payable to PI Financial Corp. $7,200 cash and 90,000 warrants (same terms as above) payable to Bolder Investment Partners.
North American Gem Inc. (TSX-V symbol: 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.
For additional information please contact North American Gem Inc. or visit www.northamericangem.com
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins,
President and Director
