Norsemont Mining Arranges Non-Brokered Private Placement

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[{"type":"text","content":"\n\n\n\nShare Issued and Outstanding: 50,422,713\n\n\nTSX: NOM\n\n\nBVL: NOM\n\n\nTORONTO and LIMA, Peru, June 12 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today announced that the Company has arranged a\nnon-brokered private placement of 2.3 million Units. The Units are being\nplaced at a price of $4.00 each, for gross proceeds of $9.2 million. This\nrepresents the first tranche of a planned $16 million private placement.\n\n\nEach Unit under the private placement consists of one common share and\none-half of one common-share purchase warrant. Each whole common-share\npurchase warrant entitles the holder to acquire one additional common share of\nthe company at an exercise price of $4.50 within 24 months of closing. Closing\nis expected on or before July 10, 2007. The placement is subject to regulatory\napproval.\n\n\nThe Sentient Group, currently the largest shareholder in the Company, has\nagreed to purchase $2 million of the $9.2 million placement.\n\n\nThe proceeds from the private placement will be used for property\nacquisition purposes, to fund an expanded Cu-Mo-Ag-Au exploration program at\nthe Constancia Project and for general working capital purposes.\n\n\nThe securities sold have not, nor will they be registered under the\nUnited States Securities Act of 1933, as amended, and may not be offered or\nsold within the United States or to, or for the account or benefit of U.S.\npersons absent U.S. registration or an applicable exemption from U.S.\nregistration requirements. This release does not constitute an offer for sale\nof securities 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-Au deposit\nin Southern 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 recently\ncompleted scoping study anticipates a project producing in excess of 90,000\ntonnes of copper annually. The study indicates the project has a net present\nvalue of $530 million and an internal rate of return of 25.3 percent. The\nfollowing long-term commodity price assumptions were used in the study: copper\n$1.80 per p...

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