Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (8717)	4/23/1999 11:56:00 AM
From: SIer formerly known as Joe B.	Read Replies (2) \| Respond to of 62348

(COMTEX) B: AMERICAN GEM CORP - Negotiates Acceptable Terms with Grow B: AMERICAN GEM CORP - Negotiates Acceptable Terms with Growth-Oriented Management Group Toronto, Ontario, Apr. 23, 1999 (Market News Publishing via COMTEX) -- American Gem Corporation ("American Gem" or the "Company") announced that the Company has negotiated acceptable terms with a growth-oriented management group which has a demonstrated track record in the Internet industry in North America. The parties are proposing to enter into definitive agreements; while there is no assurance that the definitive agreements will be entered into, the parties are proposing to finalize such agreements by May 7. The negotiated terms with the management group are in keeping with the objective by the Company to evolve strategically as an Internet e-commerce company. The Company earlier announced that it was developing a gemstone website for the sale of its sapphires. The Company also earlier announced its agreement to acquire Northern Securities Inc. ("Northern"), which is subject to regulatory approval, for the purpose of developing the Internet businesses consisting of an online securities trading business, online mergers and acquisitions business, online initial public offering business, and online private capital raising business. Financing The Company has received a $1,200,000 subscription for the purchase of its shares at a price of $.68 per share, which private placement is subject to regulatory approval. In addition, the Company has completed its previously announced private placement for $200,000. Exercise of Director Options American Gem Corporation ("American Gem" or the "Company") announced that the directors of the Company had exercised all of their stock options for a total of 8,115,000 options. Vic Alboini exercised options to purchase 5,240,000 shares, and Wayne Beach and Ian Bradley have each exercised options to purchase 1,437,500 shares. Financial Position The Company has a current and proposed cash position of approximately $1,700,000 after taking into account the exercise of the director's options and the proposed $1,200,000 financing. Ownership by Vic Alboini Vic Alboini acquired 4,444,444 shares of American Gem in the $200,000 private placement to bring his ownership to a total of 20,873,008 shares which includes the shares acquired upon exercise of his 5,240,000 options. Mr. Alboini owns approximately 17% of the total issued and outstanding common shares of American Gem. Following completion of the $200,000 private placement and the exercise of the stock options by the directors, the Company has 122,451, 865 issued common shares. On a fully diluted basis there are 122,871,865 shares outstanding. Upon completion of the Northern transaction which is subject to various conditions, 8,000,000 warrants would be issued to bring the total fully diluted shares outstanding to 130,871,865. -0- TEL: (416) 777-6814 Vic Alboini, President and Chief Executive Officer American Gem Corporation ______________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. * end of story *