Business
Sentient III acquires securities of Norsemont Mining Inc.
Sentient III acquires securities of Norsemont Mining Inc.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\nNov. 4, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 4 /CNW Telbec/ -- Sentient Executive GP III Limited (\"Sentient III\") announces that, in connection with a bought-deal financing announced by Norsemont Mining Inc. (\"Norsemont\") on October 13, 2009, it has acquired control over 2,128,750 units (\"Units\") of Norsemont on November 3, 2009. Each Unit is comprised of one common share (\"Common Share\") of Norsemont and one-half of a common share purchase warrant (\"November 2009 Warrant\") of Norsemont. Each whole November 2009 Warrant entitles the holder thereof to acquire a Common Share at a price of $2.75 per share. The November 2009 Warrants are exercisable until April 30, 2011. As such, Sentient III acquired control over 2,128,750 Common Shares and 1,064,375 November 2009 Warrants.Sentient III has control or direction over 9,543,850 Common Shares (representing approximately 12.13% of the outstanding Common Shares), the right to acquire 7,634,228 Common Shares through common share purchase warrants (including the November 2009 Warrants) (the \"Sentient III Warrants\"), a $6,000,000 principal amount convertible note (the \"December 2008 Note\") issued by Norsemont, and a $3,800,000 principal amount convertible note (the \"March 2009 Note\") issued by Norsemont. The December 2008 Note matures on December 19, 2011 and the principal amount thereof as well as accrued interest are convertible into fully paid and non-assessable Common Shares at a conversion price of $1.70 per share. The March 2009 Note matures on March 31, 2012 and the principal amount thereof is convertible into fully paid and non-assessable Common Shares at a conversion price of $1.70 per share. The accrued interest on the March 2009 Note is convertible, at the holder's option, into fully paid and non-assessable Common Shares at a conversion price equal to the market price of the Common Shares at the time of conversion, less a discount.In the event all of the Sentient III Warrants are fully exercised and assuming the conversion in full of the maximum principal amount of and interest on the December 2008 Note and the conversion in full of the principal amount of the March 2009 Note, Sentient III would acquire control over a maximum of 23,789,843 Common Shares (including the 9,543,850 Common Shares over which Sentient III has control or direction). Thes...