Business
Norsemont Mining Closes C$7.92 million Private Placement
Norsemont Mining Closes C$7.92 million Private Placement.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nProceeds to be used to advance exploration and development of the\n\n\nConstancia Copper/Molybdenum/Silver Project\n\n\nShares Issued and Outstanding: 34,762,878\n\n\nTSX: NOM\n\n\nVANCOUVER, July 20 /CNW/ - Norsemont Mining Inc. (the "Company") (TSX:\nNOM) is pleased to announce that it has closed a non-brokered private\nplacement of 4,950,000 Units at a price of C$1.60 per Unit, raising gross\nproceeds of C$7,920,000. Each Unit consists of one common share and one-half\nof one common-share purchase warrant. Each whole common-share purchase warrant\nentitles the holder, on exercise, to acquire one additional common share of\nthe Company at an exercise price of C$1.95 per share at any time until the\nclose of business on the day which is two years from the date of issuance of\nthe warrant. The securities issued under the private placement are subject to\na four month hold period expiring November 20, 2007. The size of the private\nplacement was reduced from the previously announced C$9 million to \nC$7.92 million in order to conform to securities regulations.\n\n\nThe Sentient Group, currently the largest shareholder in the Company,\npurchased C$2 million from the private placement.\n\n\nThe proceeds from the private placement will be used primarily to fund\nthe exploration and development of the Constancia Project and for general\nworking 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, 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 exploration company exploring the\nConstancia Cu-Au-Mo deposit in Peru, which has been optioned from Rio Tinto\nPlc.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\nNORSEMONT MINING INC.\n\n\n"Patrick Evans"\n\n\nPatrick Evans\n\n\nCEO\n\n\n","length":2328,"tagName":"div"}]