Business
Norsemont closes private placement with the Sentient Group
Norsemont closes private placement with the Sentient Group.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Jan. 20 /CNW/ - Norsemont Mining Inc. (\"Norsemont\") \n(TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN: CA6565291045)\nis very pleased to announce it has now closed the previously announced private\nplacement with Sentient Group for the sale of 3,500,000 Units of the Company\nat $4.00 per unit for gross proceeds of $14million. Each unit consists of one\ncommon share and one-half of one common share purchase warrant, with each\nwhole warrant entitling the holder to purchase one additional common share for\ntwo years at a price of $4.75 per share. The warrants have an \"accelerator\"\nprovision such that if the closing price of Norsemont's common shares is $6.00\nor higher for 10 consecutive trading days at any time after the closing date,\nNorsemont may, by issuance of a press release and written notice to the\nholders, give notice of \"acceleration\" of the warrant expiry date to the day\nwhich is 20 calendar days following the date of issuance of the press release\nand notice.\nNorsemont President & CEO, Marc E. Levy said: \" We are pleased to have\nfinalized our Private Placement with The Sentient Group. We expect to close on\nan additional $2,000,000 within the next two weeks. This significant\ninvestment in our company reaffirms the value of our properties and their\nfuture potential. We look forward to continuing to expand the extent of\nmineralization, as well as completing a revised, 43-101 compliant resource\nestimate at our Constancia Copper-Gold-Silver-Moly Property, and to initiate\nan aggressive exploration program at our Amata gold-silver-copper Property.\"\nThe financing proceeds will be used to fund through completion a resource\nestimation at Constancia, to initiate an exploration and drilling program on\nAmata, and for general working capital.\nA commission consisting of cash and agents warrants will be paid to\nAllied Capital Corporation, a limited market dealer. The shares, warrants,\nagents warrants and any shares issued upon exercise of the warrants and agents\nwarrants, are subject to a hold period expiring May 20, 2006.\n\nNorsemont Mining is a well-structured and financed exploration company\nworking in the America's, with a focus on Peru. The Company is currently\ndrilling the Constancia Cu-Au-Mo project, and commencing exploration at the\nAmata Ag-Au property acqu...