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Wednesday, September 22, 2010

Mining Stocks; North American Gem (TSX.V:NAG) Closes First Tranche of Private Placement

Mining Stocks; North American Gem (TSX.V:NAG)  Closes First Tranche of Private Placement


VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog )  - Sept. 22, 2010 - North American Gem Inc. (NAG) (TSX VENTURE: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 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, 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."

For more information, please contact
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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