By Sheri Kasprzak
Atlanta, May 20 - Norsemont Mining Inc. said it has closed an upsized private placement for C$3,188,700.
The company sold 3,985,878 units at C$0.80 each. The price was dropped on the deal from the originally announced C$0.90.
The units include one share and one warrant. The warrants provide for an additional share at C$1.10 each for two years, down from the initially announced C$1.20. The expiry of the warrants may be accelerated to 20 days if the company's stock trades above C$2.00 per share for 20 consecutive trading days after closing.
The deal was first announced April 13 as a C$2.7 million offering comprised of up to 3 million units at C$0.90 each.
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 acquisition activities. The remainder will be used for working capital.
| Issuer: | Norsemont Mining Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3,188,700
|
| Units: | 3,985,878
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| Price: | C$0.80
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| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.10
|
| Pricing date: | April 13
|
| Settlement date: | May 20
|
| Stock price: | C$0.92 at close April 12
|
| Stock price: | C$0.78 at close May 20
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