Granny RoseNORTH AMERICAN GEM INC. ("NAG")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: November 12, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a coal lease agreement dated February 4, 2010 and amended October 14, 2010 between North American Gem Inc. (the 'Company') and Ramco Machinery, Inc. (Rick Moses), whereby the Company will acquire a 100% undivided interest in the Granny Rose project totaling 363 acres located in Knox County, Kentucky, USA.
Total consideration consists of US$100,000 in cash payments and 250,000 shares of the Company.
In addition, there is a royalty payable relating to the acquisition whereby the Company agrees to pay US$4.00/ton or 8% of gross sales/ton.