Norsemont Mining Closes C$7.92 million Private Placement
Monday, July 23rd, 2007
Norsemont Mining Inc. is pleased to announce that it has closed a non-brokered private placement of 4,950,000 Units at a price of C$1.60 per Unit, raising gross proceeds of C$7,920,000. Each Unit consists of one common share and one-half of one common-share purchase warrant. Each whole common-share purchase warrant entitles the holder, on exercise, to acquire one additional common share of the Company at an exercise price of C$1.95 per share at any time until the close of business on the day which is two years from the date of issuance of the warrant. The securities issued under the private placement are subject to a four month hold period expiring November 20, 2007. The size of the private placement was reduced from the previously announced C$9 million to C$7.92 million in order to conform to securities regulations.
The Sentient Group, currently the largest shareholder in the Company, purchased C$2 million from the private placement.
The proceeds from the private placement will be used primarily to fund the exploration and development of the Constancia Project and for general working capital purposes.