By Devika Patel
Knoxville, Tenn., June 12 - Norsemont Mining Inc. announced that it has arranged a non-brokered private placement of units for C$16 million.
The company will sell 4 million units at C$4.00 apiece. It will sell 2.3 million units in an initial tranche for C$9.2 million on July 12.
Sentient Group agreed to purchase $2 million of the units.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$4.50 for two years.
Proceeds will be used for property acquisitions, to fund an expanded Cu-Mo-Ag-Au exploration program at the Constancia Project and for general working capital purposes.
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$16 million
|
| Units: | 4 million
|
| Price: | C$4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$4.50
|
| Agent: | Non-brokered
|
| Investor: | Sentient Group (for C$2 million)
|
| Pricing date: | June 12
|
| Settlement date: | July 12 (for C$9.2 million)
|
| Stock symbol: | Toronto: NOM
|
| Stock price: | C$4.01 at close June 12
|
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