Business
Norsemont Mining Closes C$14 Million Private Placement
Shares Issued and Outstanding: 60,293,448 TSX: NOM BVL: NOM
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 60,293,448\nTSX: NOM\nBVL: NOM\n\n\nTORONTO and Lima, Peru, April 8 /CNW/ - Norsemont Mining Inc. (the\n"Company") (TSX and BVL: NOM) today announced that the Company has closed its\npreviously announced private placement of 6,365,706 Units at a price of C$1.60\nper Unit, and a $3.8 million unsecured convertible promissory note, raising\ngross proceeds of C$13,983,530. The securities issued under the private\nplacement are subject to a four month hold period. D&D Securities Company and\nAllied Capital Corporation acted as agents on a portion of the Unit offering.\n\n\nThe proceeds from the private placement will be used to complete\nacquisition obligations, to support continued exploration and development of\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 or applicable state\nsecurities laws, and may not be offered or sold within the United States or\nto, or for the account or benefit of a U.S. person, as such term is defined in\nRegulation S under the U.S. Securities Act, other than through registration or\nan applicable exemption from U.S. federal and state registration requirements.\nThis release does not constitute an offer for sale of securities in the United\nStates.\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 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 pound, molybdenum $12 per pound and silver $11 per ounce. The full\nstudy, dated December 11, 2007, and titled "Preliminary Assessment of the\nConstancia Project, Department of Cusco, Peru" is available for viewing on\nSEDAR. Mineral resou...