Business
Norsemont Mining Announces Closing of First Tranche of $14 Million Financing
Shares Issued and Outstanding: 55,553,992 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 55,553,992\nTSX: NOM\nBVL: NOM\n\n\nTORONTO, and LIMA, Peru, March 31 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today announced that it has completed the first\ntranche of a planned $13,980,000 financing. The Company has, to date, issued\n1,655,250 Units (the "Units") at a price of $1.60 per Unit and a $3.8 million\nunsecured convertible promissory note (the "Note") for gross proceeds of\n$6,448,400.\n\n\nEach Unit consists of one common share of Norsemont and one-half of one\ncommon share purchase warrant. Each whole warrant shall be exercisable for one\ncommon share at an exercise price of $1.90 per share for a period of 24\nmonths. D&D Securities Company acted as agent on a portion of the Unit\noffering.\n\n\nThe principal amount of the Note will bear interest at 8 percent per\nannum, payable annually in arrears and have a three year term. Principal is\nconvertible, at the option of the holder, into common shares at a conversion\nprice of $1.70 at any time during the term and at maturity. Accrued interest\nis convertible, at the option of the holder, into common shares at a\nconversion price equal to market prices, less allowable discounts, on the\nconversion date, at any time during the term and at maturity. The Company also\nissued 1,117,647 warrants together with the Note. Each Warrant will entitle\nthe holder to purchase one common share of the Company at a price of $2.05 per\nshare for a period of 24 months from today. The Notes and the Warrants contain\nstandard anti-dilution provisions.\n\n\nThe Note was subscribed for by The Sentient Group ("Sentient"). Sentient\nalso purchased 625,000 Units.\n\n\nThe net proceeds of the financing will be used for property acquisition\npayments at the Constancia project, to support continued exploration and\ndevelopment of the Constancia project and for general working capital\npurposes.\n\n\nThe Company expects to close the balance of the financing of $7.5 million\nover the next few days.\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 a...