VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 2, 2012) - North American Gem Inc. (NAG) (TSX VENTURE:NAG) confirms that at the annual general and special meeting held on June 22nd, 2012 (the "Meeting"), shareholders approved, by special resolution, a consolidation of the Company's common shares on the basis of one (1) post-consolidated share for every forty (40) pre-consolidated shares (the "Consolidation"). As of the Meeting, the Company had 193,787,160 issued and outstanding common shares. Following the Consolidation, the Company will have approximately 4,844,679 shares outstanding. No fractional shares will be issued, but will instead be rounded as provided for in the Business Corporations Act (British Columbia). The TSX Venture Exchange has approved the Consolidation and commencing August 3rd, 2012, the Company's common shares will trade on a post-consolidation basis.
At the June 22nd, 2012 Meeting, shareholders also approved, by special resolution, to adopt new Articles under which the Company can change its name by way of a Directors Resolution. The Board of Directors has reserved the name Victory Mountain Ventures Ltd. and the Company will begin trading under the new symbol VMV on August 3rd, 2012. Registered shareholders will receive a letter of transmittal from Computershare Trust Company, the Company's transfer agent, with instructions for exchanging their pre-consolidation shares.
North American Gem Inc. (TSX VENTURE:NAG) is a Junior Exploration Company based in Western Canada. The Company has interests in Copper, Gold, Silver, Molybdenum and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
Charles Desjardins, President and Director