Business
Norsemont Mining increases financing
Norsemont Mining increases financing.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Jan. 18 /CNW/ - Norsemont Mining Inc. (\"Norsemont\") \n(TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN: CA6565291045)\nis very pleased to announce it has secured a non-brokered private placement of\n$14,000,000 with institutional investor The Sentient Group. The company is\nconcurrently finalizing an additional financing of up to $2,000,000 from\ninsiders, associates and institutional investors.\nThe private placement was first announced in Stockwatch on December 18,\n2005. The amended terms are that Norsemont will issue up to 4,000,000 units at\na price of $4.00 per unit. Each unit will consist of one common share and \none-half of one common share purchase warrant, with each whole warrant\nentitling the holder to purchase one additional common share for two years at\na price of $4.75 per share. The Warrants will have an \"accelerator\" provision\nsuch that if the closing price of Norsemont's common shares is $6.00 or higher\nfor 10 consecutive trading days at any time after the closing date, Norsemont\nmay, by issuance of a press release and written notice to the holders, give\nnotice of \"acceleration\" of the warrant expiry date to the day which is\n20 calendar days following the date of issuance of the press release.\nThe Sentient Group of funds will be subscribing for a total of\n3,500,000 units of the private placement for a total of $14,000,000. This\ntransaction is expected to close within 3 days subject to final Exchange\nacceptance.\nNorsemont President & CEO, Marc E. Levy said: \"We're delighted that a\nquality investor such as The Sentient Group has recognized the value of our\nasset at Constancia. Sentient is an exceptional group for us to partner with\nand they are determined to see our Constancia project move towards production.\nThis is a considerable milestone for Norsemont to have achieved in less than\ntwelve months since optioning the Constancia property from Rio Tinto. We are\nproud to attract such an outstanding financial partner to help in developing a\nfirst-class project such as Constancia. The Sentient Group has a long term\napproach to investing, is actively involved and able to provide strategic and\nlong term planning advice. Their extensive experience in mining will provide\nNorsemont with additional resources to ensure our success.\"\nNorsemont is pleased to...