Mr. Charles Desjardins reports
NORTH AMERICAN GEM INC. ANNOUNCES PRIVATE PLACEMENT
North American Gem Inc.has arranged a non-brokered private placement of up to six million unitsat a price of 10 cents per unit for total proceeds of up to $600,000,subject to the approval of the TSX Venture Exchange.
Up to sixmillion units will be issued as non-flow-through units consisting of onecommon share and one full warrant. One full warrant will entitle theholder to purchase one additional common share of the company at a priceof 12 cents per share during the first year and at a price of 15 centsper share until expiration in the second and final year.
Theproceeds of the private placement will be used for exploration of thecompany's mineral properties and general working capital.