Business
Norsemont Mining Announces Closing of C$18M Underwritten Financing
Shares Issued and Outstanding: 37,912,878 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 37,912,878\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nVANCOUVER and LIMA, Peru, Nov. 15 /CNW/ - Norsemont Mining Inc. (TSX:\nNOM, BVL: NOM) ("Norsemont", the "Company") today announced the closing of an\nunderwritten private placement financing arranged by a syndicate of\nunderwriters, led by Paradigm Capital Inc. and including Salman Partners Inc.,\nBlackmont Capital Inc., and Haywood Securities Inc. (collectively, the\n"Underwriters").\n\n\nOn November 1, 2007, the Company entered into an agreement with the\nUnderwriters pursuant to which the Underwriters agreed to buy, or find\nsubstituted purchasers therefor, 5,400,000 special warrants from Norsemont at\na price of $2.90 per special warrant, representing aggregate gross proceeds of\n$15,660,000. Norsemont also granted the Underwriters an option, exercisable in\nwhole or in part at any time prior to 24 hours before the closing of the\noffering, to purchase an additional 810,000 special warrants for additional\ngross proceeds of up to $2,349,000. This option was exercised in full by the\nUnderwriters on November 5, 2007.\n\n\nEach special warrant shall be exercisable at no additional cost for one\nunit of Norsemont until 4:30 p.m. (Vancouver time) on the earlier of (i) the\ndate which is five business days following the issuance of a final MRRS\ndecision document and receipt for a final prospectus qualifying the units\nunderlying the special warrants and (ii) the date which is four months and one\nday following the closing of the offering. Each unit shall consist of one\ncommon share of Norsemont and one-half of one common share purchase warrant.\nEach whole warrant shall be exercisable for one common share at an exercise\nprice of $3.50 per share for a period of 24 months following closing of the\noffering. Norsemont has agreed to use its best efforts to file and clear a\nshort-form prospectus qualifying the securities comprising the units as soon\nas practicable and, in any event, within 30 days following the closing of the\noffering.\n\n\nThe net proceeds of the offering will be used for the continued\ndevelopment of the company's Constancia copper/molybdenum/silver project in\nPeru and for general corporate purposes.\n\n\nAbout Norsemont\n\n\nNorsemont Mining is a Canadian mineral exploration and development\ncompa...