By Devika Patel
Knoxville, Tenn., July 20 - Norsemont Mining Inc. announced it has closed a non-brokered private placement of C$7.92 million, reduced significantly from the previously announced C$9 million offering.
The company sold 4.95 million units, decreased from the announced 5.625 million units, at C$1.60 per unit. Each unit is made up of one share and one-half share warrant; Norsemont originally announced that each unit would have a full warrant. The warrants are exercisable at C$1.95 for two years.
The securities have a four month hold period.
The Sentient Group, the largest Norsemont shareholder, bought C$2 million of the units.
Proceeds will be used for exploration and development and for general working capital.
Norsemont is a mining company based in Vancouver, B.C.
| Issuer: | Norsemont Mining Inc.
|
| Issue: | Units of one share and one half share warrant
|
| Amount: | C$7.92 million
|
| Units: | 4.95 million
|
| Price: | C$1.60
|
| Warrants: | One half share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.95
|
| Agent: | Non-brokered
|
| Investor: | The Sentient Group (for C$2 million)
|
| Pricing date: | June 28
|
| Stock symbol: | Toronto: NOM
|
| Stock price: | C$1.70 at close June 28
|
| Stock price: | C$1.70 at close July 20
|
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