Norsemont Mining Closes C$6 Million Private Placement

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[{"type":"text","content":"\n\n\n\nTORONTO and LIMA, Peru, Dec. 19 /CNW/ - Norsemont Mining Inc. ("the\nCompany") (TSX: NOM, BVL: NOM) today reported that the Company has closed the\npreviously announced non-brokered private placement of convertible notes and\nshare purchase warrants with The Sentient Group ("Sentient"). The proceeds of\nthe financing are C$6 million and the Company has issued C$6 million principal\namount of unsecured convertible promissory notes (the "Notes") and 1,764,706\nshare purchase warrants (the "Warrants") to Sentient.\n\n\nThe proceeds from this financing will be used to advance the Constancia\nfeasibility study, for surface rights' acquisitions and for general corporate\npurposes.\n\n\nThe Notes issued to Sentient bear interest at 8 percent per annum,\npayable annually in arrears and have a three year term, maturing on December\n19, 2011. Principal and accrued interest are convertible, at the option of\nSentient, into common shares at a conversion price of C$1.70 at any time\nduring the term and at maturity. Each Warrant entitles Sentient to purchase\none common share of the Company at a price of C$2.05 per share for a period of\n24 months.\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, registration or an applicable\nexemption from U.S. federal and state registration requirements. This release\ndoes not constitute an offer for sale of 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 percen...

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