Reserection attempt of NAG North American Gem arranges $600,000 private placement
North American Gem Inc (C:NAG)
Shares Issued 193,787,162
Last Close 7/27/2012
.005
Monday July 30 2012 - News Release
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 four million units at a price of 15 cents per unit for total proceeds of up to $600,000, subject to the approval of the TSX Venture Exchange.
The financing will be completed on a postconsolidation basis. At the annual general and special meeting held June 22, 2012, shareholders approved a special resolution that the issued and outstanding common shares of the company be consolidated on the basis of one new common share for up to 40 old common shares. The company has filed the application to the TSX-V to effect the consolidation and amend the company name.
Up to four million units will be issued as non-flow-through units consisting of one common share and one whole warrant. Each whole warrant will entitle the holder to purchase one additional common share of the company at a price of 22 cents per share two years from the date of closing.
The proceeds of the private placement will be used for general working capital. Finders' fees, as allowed pursuant to the policies of the TSX-V, may be payable in connection with the offering.