By Sheri Kasprzak
New York, Jan. 18 - Norsemont Mining Inc. said it has upsized to C$16 million its previously announced C$10,012,500 private placement - changing some of the terms in the process.
The company will now sell 4 million units at C$4.00 each, including 500,000 units to insiders.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$4.75 each for two years.
The expiry of the warrants will be accelerated to 20 days if the company's stock trades above C$6.00 for more than 10 consecutive trading days.
The offering is non-brokered.
The Sentient Group has subscribed for 3.5 million of the units.
Proceeds will be used for work programs on the Constancia and Amata projects. The rest will be used for the investigation of asset acquisition activities and for working capital.
The deal priced on Dec. 19, 2005 for up to 2,225,000 units at C$4.50 each. Those units were comprised of one share and one warrant. The warrants had a strike price of C$5.00 and an expiry of two years.
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 half-share warrant
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| Amount: | C$16 million
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| Units: | 4 million
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| Price: | C$4.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$4.75
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| Placement agent: | Non-brokered
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| Investor: | The Sentient Group
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| Pricing date: | Dec. 16
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| Upsized: | Jan. 18
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| Stock symbol: | TSX Venture: NOM
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| Stock price: | C$3.35 at close Dec. 16
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| Stock price: | C$4.25 at close Jan. 17
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