Business
Norsemont closes $16 million rights offering
Shares Issued and Outstanding: 70,020,705 TSX: NOM; BVL: NOM 97% of Rights Exercised
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 70,020,705\nTSX: NOM; BVL: NOM\n\n97% of Rights Exercised\n\n\nTORONTO and LIMA, Peru, June 29 /CNW/ - Norsemont Mining Inc.\n("Norsemont" or the "Company") today announced the completion of its\npreviously announced rights offering, for aggregate proceeds of $15.6 million,\nrepresenting 97% subscription.\n\n\nAn aggregate of 9,746,760 units, each unit comprising one common share\nand one-half of one warrant, were issued to rights-holders. Each whole warrant\nentitles the holder to purchase one common share for a term of two years at a\nprice of $1.90.\n\n\nProceeds will be used to make the final property acquisition payment to\nMitsui (US$4M), complete surface rights payments (US$1.65M), complete the\nConstancia feasibility study (US$5M), complete the Constancia environmental\nimpact assessment (US$1M), fund ongoing exploration at the Constancia project\nand for general corporate purposes.\n\n\nAs a result of the completion of the rights offering, a total of\n70,020,705 common shares of Norsemont are now issued and outstanding.\n\n\nNo U.S. Registration or Sales\n\n\nThe securities offered will not be or have not been registered under the\nSecurities Act of 1933, as amended (the "Securities Act"), or the securities\nlaws of any state, and may not be offered or sold in the United States or to,\nor for the account or benefit of, any U.S. Person (as defined in Regulation S\nof the Securities Act) or person in the United States. Neither the rights\noffering circular nor the rights certificates are being sent to any person in\nthe United States, U.S. Person, or person holding for the account or benefit\nof any U.S. Person or person in the United States.\n\n\nAbout Norsemont Mining\n\n\nNorsemont Mining is a Canadian mineral exploration and development\ncompany focused on the 100 percent-controlled Constancia Cu-Mo-Ag deposit in\nsouthern Peru.\n\n\nThe Constancia Project currently has a 43-101 compliant indicated\nresource of 256.3M tonnes at 0.5% Cu (2.85 Billion lbs Cu) and an inferred\nresource of 156.5M tonnes at 0.33% Cu (1.14 Billion lbs Cu). A December 2007\nscoping study anticipates a project producing in excess of 90,000 tonnes of\ncopper annually. The study indicates the project has a net present value of\n$530 million and an internal rate of return of 25...