By Sheri Kasprzak
New York, Dec. 19 - Norsemont Mining Inc. said it has negotiated a private placement of units for up to C$10,012,500.
The company plans to sell up to 2,225,000 units at C$4.50 each.
The units are comprised of one share and one warrant. The warrants are exercisable at C$5.00 each for two years.
The expiry of the warrants may be accelerated to 20 days if the company's stock trades above C$6.00 for more than 10 consecutive trading days.
Proceeds will be used for work programs on the Constancia and Amata projects, for the investigation of asset acquisitions and for general working capital.
Vancouver, B.C.-based Norsemont is a mineral exploration company.
Issuer: | Norsemont Mining Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$10,012,500
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Units: | 2,225,000
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Price: | C$4.50
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$5.00
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Pricing date: | Dec. 16
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Stock price: | C$3.35 at close Dec. 16
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