North American Gem Inc. Announces Private Placement and Grants Incentive Stock Options
North American Gem Inc. 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.
