By Laura Lutz
Des Moines, June 28 - Norsemont Mining Inc. arranged a private placement of units for C$9 million.
The company plans to sell 5.625 million units of one share and one warrant at C$1.60 per unit. Each whole warrant will be exercisable at C$1.95 for two years.
Sentient Group, the company's largest shareholder, has agreed to subscribe for C$2 million.
The placement will be non-brokered.
Settlement is expected by July 20.
Proceeds will be used for exploration and development and for working capital.
Norsemont is a mining company based in Vancouver, B.C.
Issuer: | Norsemont Mining Inc.
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Issue: | Units of one share and one warrant
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Amount: | C$9 million
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Units: | 5.625 million
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Price: | C$1.60
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Warrants: | One per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.95
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Agent: | Non-brokered
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Investor: | Sentient Group (for C$2 million)
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Pricing date: | June 28
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Stock symbol: | Toronto: NOM
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Stock price: | C$1.70 at close June 28
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