Business
Norsemont announces $16 million rights offering
Shares Issued and Outstanding: 60,266,947 TSX: NOM; BVL: NOM TORONTO and LIMA, Peru, May 26 /CNW/...
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 60,266,947\nTSX: NOM; BVL: NOM\n\n\nTORONTO and LIMA, Peru, May 26 /CNW/ - Norsemont Mining Inc. ("Norsemont"\nor the "Company") today announced that it will be offering rights to holders\nof its common shares of record at the close of business on June 1, 2009 (the\n"Record Date"), expiring June 26, 2009 ("Expiry Date"). Shareholders of record\non June 1, 2009 will receive one right for each common share held. Six (6)\nrights will entitle the holder to purchase one Unit at a price of Cnd$1.60 per\nUnit. Each Unit will be comprised of one common share and one-half of a common\nshare purchase warrant ("Warrant"). Each whole Warrant will entitle the holder\nto purchase one common share for a term of two years following the Expiry Date\nat a price of Cnd$1.90. The offering will be made in all provinces of Canada\n(except in Quebec) and in such other jurisdictions where the Company is\neligible to make such offering.\n\n\nA fully subscribed rights offering will raise gross proceeds of\nCnd$16,071,185, which will be used to make the final property acquisition\npayment to Mitsui (US$4M), complete surface rights payments (US$1.65M),\ncomplete the Constancia feasibility study (US$5M), complete the environmental\nimpact assessment (US$1M), fund ongoing exploration at the Constancia project\nand for general corporate purposes.\n\n\nShareholders who fully exercise their rights are entitled to subscribe\npro-rata for additional Units, if available, that were not subscribed for\ninitially on or before the Expiry Date. The Sentient Group, currently\nNorsemont's largest shareholder, has advised the Company that it intends to\nfully exercise its rights under the offering. Exercise of the rights and\npurchase of the Units must be completed by 4:00 p.m. (Toronto time) on the\nExpiry Date.\n\n\nThe common shares are expected to commence trading on the TSX on an\nex-rights basis at the opening of business on May 28, 2009. This means that\ncommon shares purchased on, or following May 28, 2009 will not be entitled to\nreceive the rights under this offering. At that time, the rights are expected\nto be posted for trading on a "when issued" basis and will thereafter trade\nunder the symbol "NOM.RT". Trading of the rights is expected to continue u...