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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: SSP who wrote (272)	6/7/1999 1:53:00 PM
From: CIMA	Read Replies (1) \| Respond to of 150070

Monday June 7, 12:14 pm Eastern Time Company Press Release American Gem Corporation Completion of $7.3 Million Private Placement and Acquisition of Northern Securities TORONTO, ONTARIO--American Gem Corporation (''American Gem'' or the ''Company'') has completed a private placement of 9,175,000 shares at an average price of $.80 per share for gross proceeds of approximately $7,300,000. American Gem also completed the acquisition of Northern Securities Inc. by the payment of $1,500,000 and the issue of 6,000,000 warrants with an exercise price of $.65 per share and 2,000,000 warrants with an exercise price of $1.00 per share. After the payment of $1,500,000 in connection with the Northern Securities acquisition and commissions and expenses on the private placements, American Gem has $5.8 million in cash resources. The Company intends to use the cash resources primarily to fund development of the Internet brokerage businesses consisting of online initial public offerings, online mergers and acquisitions, online private placements and online securities trading. -------------------------------------------------------------------------------- Contact: American Gem Corporation Andrew Beach Investor Relations (416) 777-6687 or American Gem Corporation Vic Alboini President and Chief Executive Officer (416) 777-6814