NORSEMONT CLOSES PRIVATE PLACEMENT WITH STRATEGIC INVESTORS
Norsemont closes $1.01-million private placement
2024-10-18 20:28 ET - News Release
Mr. Marc Levy reports
NORSEMONT CLOSES PRIVATE PLACEMENT WITH STRATEGIC INVESTORS
Further to Norsemont Mining Inc.'s news release dated Oct. 11, 2024, the company has closed a non-brokered private placement with strategic investors consisting of 10,129,680 units of the company at ten cents per unit for gross proceeds of $1,012,968.
Each unit consists of one common share and one-half transferable share purchase warrant of the company, with each warrant exercisable into one additional share at a price of 20 cents per share for a period of 24 months from the date of closing of the offering. In the event that the shares trade at a price of 35 cents per share or greater for 10 consecutive trading days, the company may accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.
The warrants contain certain provisions (the blocker provision), which provide that a holder of the warrants, as applicable, together with any person or company acting jointly or in concert with such holder, shall not be able to exercise their warrants, as applicable, to the extent that such exercise, as applicable, would result in the holder beneficially owning or exercising control over, in the aggregate, 9.99 per cent of the total issued and outstanding shares, immediately after giving effect to such exercise, as applicable.
The proceeds from the offering are intended to be used for general corporate obligations, repayment of debts and working capital.
All securities issued under the offering will be subject to a hold period of four months and one day from the date of closing of the offering in accordance with applicable Canadian securities laws
About Norsemont Mining Inc.
Norsemont comprises experienced natural resource professionals focused on growing shareholder value and developing its flagship project through bankable feasibility. Norsemont Mining owns a 100-per-cent interest in the Choquelimpie gold-silver-copper project in northern Chile, a previously permitted gold and silver mine. Choquelimpie has over 1,710 drill holes, with significant existing infrastructure, including roads, power, water, camp and a 3,000-tonne-per-day mill.
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