Norsemont Closes Financing for a Total of $15MM with Increased Support from Crescat and Strategic Investors

Executive Summary

• Norsemont Mining Inc. closed the second and final tranche of its non‑brokered private placement, issuing US$10.93 M of convertible debenture units (including 8,765,058 warrants).
• The tranche contributed an additional US$3.40 M in gross proceeds, bringing total proceeds to approximately US$10.93 M (≈ CAD 15.08 M).
• Proceeds are earmarked for general working capital and the exploration/advancement of the Choquelimpie gold‑silver‑copper project.

Key Details

• Total Offering Size: US$10,929,000 principal amount of convertible debentures; 8,765,058 warrants issued.
• Second Tranche Amount: US$3,400,000 principal amount; 2,726,800 warrants issued.
• Gross Proceeds (CAD equivalent): Approximately CAD 15,075,900 total; CAD 4,690,100 from the second tranche.
• Convertible Debenture Unit Composition:
• One convertible debenture of US$1,000 principal, convertible into common shares at C$0.86 per share.
• 802 transferable common‑share purchase warrants per unit, exercisable at C$1.00 per share for three years from issuance.
• Interest & Maturity: 5.25 % annual interest; maturity three years from the closing date.
• Gold Purchase Right: Upon commercial production, subscribers may purchase gold at US$3,000/oz for up to their subscription amount, for one year after commercial production begins.
• Use of Proceeds: General working capital and mineral exploration/advancement of the Choquelimpie project in northern Chile.
• Restrictions: All securities issued are subject to a four‑month‑plus‑one‑day lock‑up period from the closing date.

Notable Quotes

“We are grateful for Crescat’s increased ownership in Norsemont, alongside the continued support of other strategic shareholders. We value their conviction and look forward to working with them as we advance the Choquelimpie Project toward its next phase of development.” – Marc Levy, CEO & Chairman

Materiality Assessment: Material – Positive (significant financing that provides capital for project advancement).