Norsemont Mining arranges $350,000 private placement

Executive Summary

• Norsemont Mining Inc. announced a non‑brokered private placement of up to 3.5 million warrants at $0.10 per warrant, targeting gross proceeds of up to $350,000.
• Each warrant allows purchase of one common share at an exercise price of $0.59, exercisable for five years, with possible acceleration if the share trades ≥ $1 for ten consecutive days after four months and one day.
• Proceeds will be used for general working capital and mineral exploration at the Choquelimpie gold‑silver‑copper project; concurrently, the company granted 790,000 stock options and 600,000 restricted share units to directors and officers.

Key Details

• Placement Size: Up to 3.5 million warrants.
• Issuance Price: $0.10 per warrant (total cost of $0.69 per share).
• Exercise Price: $0.59 per common share.
• Gross Proceeds: Up to $350,000 upon closing.
• Closing Date: Anticipated on October 3, 2025, subject to a five‑day notice period required by the CSE.
• Warrant Term: Five years from closing; may be accelerated if the share price ≥ $1 for ten consecutive trading days after four months and one day, with expiry 10 business days after acceleration notice.
• Use of Proceeds: General working capital and mineral exploration at the Choquelimpie project in northern Chile.
• Restriction Period: All warrants and any shares issued upon exercise are subject to a four‑month‑plus‑one‑day lock‑up from closing.
• Equity Incentive Grants:
• 790,000 stock options – exercisable at $0.98 per share, five‑year term, vesting quarterly over two years.
• 600,000 restricted share units – granted to certain directors and officers under the omnibus equity incentive plan.

Notable Quotes

No executive quotes were included in the release.