Nagambie Resources Ltd V.NAG

NEWS!!!!!!

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North American Gem arranges $750,000 private placement North American Gem Inc (C:NAG) Shares Issued 62,528,494 Last Close 8/30/2007 $0.12 Friday August 31 2007 - News Release Mr. Charles Desjardins reports NORTH AMERICAN GEM INC. PRIVATE PLACEMENT North American Gem Inc. has arranged a non-brokered private placement of up to 7.5 million units at a price of 10 cents per unit for total proceeds of up to $750,000 subject to the approval of the TSX Venture Exchange. Up to 2.5 million units will be issued as non-flow-through units consisting of one common share and one full warrant. One full 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 15 cents per share in the second year. Up to five million units will be issued as flow-through unit consisting of one common share and one-half non-flow-through share purchase warrant, each full warrant entitling the holder to purchase an additional common share of the company at a price of 12 cents per share in the first year and 15 cents per share in the second year. The proceeds of the private placement will be used for exploration work on the company's mineral properties and general working capital. © 2007 Canjex Publishing Ltd.