Proceeds to be used to advance exploration and development of the
Constancia Copper/Molybdenum/Silver Project
Shares Issued and Outstanding: 37,762,878
TSX: NOM
VANCOUVER, Sept. 13 /CNW/ - Norsemont Mining Inc. ("the Company") (TSX: NOM) today announced that it has closed a non-brokered private placement of 3 million units. The units were placed at a price of C$1.60 each, for gross proceeds of C$4.8 million. Each unit consists of one common share and one-half of one common-share purchase warrant. Each whole common-share purchase warrant entitles the holder, on exercise, to acquire one additional common share of the company at an exercise price of $1.95 within 24 months from the date of issuance of the warrants. The securities issued under the private placement are subject to a four month hold period expiring on January 12, 2008.
The proceeds from the private placement will be used primarily to accelerate exploration and development of the Constancia Project and for general working capital purposes.
The securities sold have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
About Norsemont Mining
Norsemont Mining is a Canadian exploration company exploring the Constancia Cu-Au-Mo project in Peru, which has been optioned from Rio Tinto Plc.