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
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."