Norsemont Mining Announces Closing of Convertible Debenture Offering

About this update from Norsemont Mining Inc.

[{"type":"text","content":"Vancouver, B.C. - TheNewswire - April 20th, 2022 – Norsemont Mining Inc. (CSE:NOM), (OTC:NRRSF), (FWB:LXZ1) (“Norsemont” or the “Company”) announce that it has closed a non­brokered private placement financing (the “Debenture Financing”) of unsecured convertible debentures (each, a “Debenture”) pursuant to which the Company issued Debentures in the aggregate principal amount of $950,000. The terms of the Debentures include: a maturity date of one year from the date of issuance (the Maturity Date”) and the principal amount of the Debenture, together with any accrued and unpaid interest, will be payable on the Maturity Date, unless earlier converted in accordance with its terms;  the Principal Amount will accrue interest from the Closing Date at the rate of 6% per annum (the Interest”), which Interest will be payable quarterly in arrears.   the principal amount of a Debenture, together with all accrued and unpaid interest thereon, is convertible into units of the Company at the option of the holder (each, a Debenture Unit”) at a conversion price of $1.00 per Debenture Unit, with each Debenture Unit comprised of one common share of the Company (each, a “Debenture Share”) and one-half transferable share purchase warrant (each, a “Debenture Warrant”), with each Debenture Warrant exercisable into one additional Debenture Share (each, a “Debenture Warrant Share”) at anexercise price of$1.25 per Debenture Warrant Share for a period of three (3) years from the date of conversion.  The proceeds of the Debenture Financing are expected to be used for general working capital. The Debenture Financing is being raised from certain existing shareholders and current directors, executive officers, business associates and employees, some of whom are insiders of the Company. Any participation by insiders in the Debenture Financing would constitute a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). However, the Company expects that the Debenture Financing will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Shares subscribed for by the insiders, nor the consideration for the Shares paid by such insiders, will exceed 25% of the Company's mark...

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