By Sheri Kasprzak
Atlanta, April 13 - Norsemont Mining Inc. said it plans to raise up to C$2.7 million in a private placement.
The offering includes up to 3 million units at C$0.90 each.
The units consist of one share and one warrant. The warrants allow for an additional share at C$1.20 each for two years. The expiry of the warrants will be accelerated to 20 days if the company's stock trades above C$2.00 per share for 20 consecutive trading days after closing.
Based in Vancouver, B.C., Norsemont is a precious metals exploration and development company. It plans to use the proceeds to fund work on its Constancia project and the investigation of asset acquisitions. The remainder will be used for working capital.
| Issuer: | Norsemont Mining Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$2.7 million
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| Units: | 3 million
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| Price: | C$0.90
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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$1.20
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| Pricing date: | April 13
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| Stock price: | C$0.92 at close April 12
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