North American Gem Inc. Enters Loan Agreement (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2012) - North American Gem Inc. (TSX VENTURE:NAG) (NAG) reports that it has arranged a loan from arm's length parties in the principal amount of $250,000 (the "Loan") pursuant to promissory notes (the "Notes") to be issued to the Lender as security for the Loan.
The Loan will bear interest at 1% per month on the principal amount and will be used for working capital of the Company until the closing of a financing can be completed to repay the Loan.
In consideration of the Loan, the Company has agreed to issue to the lenders 250,000 common shares of the Company as bonus shares (the "Bonus Shares") to be received on or before the 10th day following the acceptance of the TSX Venture Exchange.
The Loan, Notes and issuance of the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.