Business
Norsemont Mining Provides Information on Short-term Investments
Norsemont Mining Provides Information on Short-term Investments.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nShares Issued and Outstanding: 34.7M\n\n\nTSX: NOM\n\n\nVANCOUVER, Aug. 27 /CNW/ - Norsemont Mining Inc. ("the Company") (TSX:\nNOM) today provided information on its short-term investment portfolio in\nlight of the recent disruptions in the global credit markets. Norsemont has a\nshort-term investment portfolio of approx. C$9 million.\n\n\nOn the basis of professional advice from Canaccord Capital Inc, Norsemont\ninvested C$7 million in a Structured Investment Trust of asset-backed\ncommercial paper managed under Nereus Financial Inc. (Nereus became a wholly\nowned subsidiary of Coventree Inc. in May 2007.) These investments are rated\nR-1 (high) by Dominion Bond Rating Service, which is the highest possible\nrating for short-term commercial paper, and the liquidity providers are a\nconsortium of banks comprised of a consortium of major international banks.\nAlthough the notes held by Norsemont have not yet matured, Canaccord Capital\nhas advised the Company that the potential exists for liquidity disruption on\nits specific investments. The Company is currently exploring various\nalternatives to minimise the impact of any potential liquidity disruptions on\nNorsemont's business activities.\n\n\nThe balance of Norsemont's short-term investments of approximately\n$2 million is held in cash.\n\n\nWe seek Safe Harbor.\n\n\nAbout Norsemont Mining\n\n\nNorsemont Mining is a Canadian exploration company currently exploring\nthe Constancia Cu-Au-Mo deposit in Peru, which has been optioned from Rio\nTinto Plc.\n\n\n","length":1606,"tagName":"div"}]