Norsemont Announces Closing of Warrant Financing from Strategic Investors

Executive Summary

• Norsemont Mining closed a non‑brokered private placement of 3,500,000 share purchase warrants at CAD $0.10 per warrant, generating gross proceeds of CAD $350,000.
• Each warrant carries an exercise price of CAD $0.59 per share (effective cost CAD $0.69 per common share) and is exercisable for five years, with acceleration provisions if the CSE price reaches CAD $1.00 for 10 consecutive trading days after four months and one day.
• Proceeds are earmarked for general working capital and mineral exploration at the Choquelimpie Gold‑Silver‑Copper project in northern Chile.

Key Details

• Offering Size: 3,500,000 warrants
• Issue Price: CAD $0.10 per warrant
• Gross Proceeds Received: CAD $350,000
• Potential Additional Proceeds on Full Exercise: CAD $2,065,000 (if all warrants exercised)
• Warrant Exercise Price: CAD $0.59 per share (total cost CAD $0.69 per common share after accounting for issuance price)
• Exercise Period: 5 years from closing date
• Acceleration Clause: If CSE price ≥ CAD $1.00 for 10 consecutive trading days, occurring any time after four months and one day post‑closing, the company may accelerate expiry; accelerated warrants expire ten business days after notice.
• Restricted Period: Warrants and any shares issued upon exercise are subject to a lock‑up of four months and one day from closing.
• Use of Proceeds: General working capital and exploration activities at the Choquelimpie Gold‑Silver‑Copper project.
• Regulatory Notice: Offering not registered in the United States; U.S. persons may only participate if an exemption applies.

Notable Quotes

• “The proceeds of the Offering are anticipated to be used for general working capital purposes and mineral exploration of the Choquelimpie Gold‑Silver‑Copper project.” – Marc Levy, CEO & Chairman

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