September 8, 2010: North American Gem Inc. (NAG) (TSX-V symbol: NAG) has amended the terms of the non-brokered private placement originally announced on August 4th, 2010. The Company, subject to the approval of the TSX Venture Exchange, intends to issue up to 12,500,000 units at a price of $0.08 per unit for total proceeds of up to $1,000,000.
Each unit will consist of one common share and one full warrant. One warrant will entitle the holder to purchase one additional common share of the company at a price of 10 cents per share for the first year, 12 cents per share on the second year and 15 cents per shares until expiration on the third year.
The proceeds of the private placement will be used for general working capital and exploration. A finder's fee may be payable according to the policies of the TSX Venture Exchange.
North American Gem Inc. (TSX-V symbol: NAG) is a junior resource company in Western Canada. The company's major focus is expanding its coal mining operations at its flagship properties in Kentucky. In addition, the company has interests in coal, copper, molybdenum, and other base metals in Canada.
On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"
Charles Desjardins
President and Director
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