Norsemont Announces $10 Miillion Financing With Strategic Investors

Executive Summary

• Norsemont Mining announced a CAD $10 million non‑brokered private placement of unsecured convertible debenture units, each consisting of a US$1,000 convertible debenture and 802 common share purchase warrants.
• The debentures bear 5.25% annual interest, mature three years after closing (expected Dec 17, 2025), and include a gold purchase right at US$3,000/oz for up to the subscriber’s amount.
• Proceeds are earmarked for general working capital and exploration/advancement of the Choquelimpie Gold‑Silver‑Copper project, positioning the company to fund its 2026 drill program and preliminary economic assessment.

Key Details

• Offering Size: CAD $10 million (with up to a 30% overallotment).
• Unit Composition:
• One convertible debenture (US$1,000 principal) convertible into common shares at CAD $0.86 per share.
• 802 transferable common‑share purchase warrants per unit, exercisable at CAD $1.00 per share for three years from closing.
• Interest Rate: 5.25% per annum on the debentures.
• Maturity: Three years from the Closing Date (anticipated Dec 17, 2025).
• Gold Purchase Right: Subscribers may purchase gold at US$3,000/oz for up to their subscription amount during commercial production and for one year thereafter.
• Conversion & Acceleration Triggers:
• Forced conversion possible if the common‑share price exceeds CAD $3.00 for ten consecutive trading days after four months + 1 day post‑closing.
• Warrants may be accelerated to expire on the 10th business day after notice if the share price is ≥ CAD $1.75 for ten consecutive trading days in the same period.
• Restriction Period: All securities issued are subject to a lock‑up of four months and one day.
• Use of Proceeds: General working capital, mineral exploration, and advancement of the Choquelimpie Gold‑Silver‑Copper project (including 2026 drill program and stockpile preliminary economic assessment).
• Closing Anticipated: December 17, 2025, subject to a five‑day notice period required by the Canadian Securities Exchange.

Notable Quotes

“With this proposed financing, and upon the closing thereof, we anticipate we will be well‑positioned to advance next year’s drill program and complete our proposed stockpile preliminary economic assessment. Importantly, our long‑term European and offshore strategic investors have signaled their intent to continue supporting the company with future capital.” – Marc Levy, CEO & Chairman

All boilerplate, forward‑looking statements, and company background sections have been omitted for brevity.