By Devika Patel
Knoxville, Tenn., July 10 - Norsemont Mining Inc. announced that it concluded a non-brokered private placement of units, raising C$12 million. The deal priced for C$16 million on June 12.
The company sold 3,000,200 units at C$4.00 apiece. It planned to sell 4 million units.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$4.50 for two years.
Proceeds will be used for property acquisitions; to fund an expanded copper, molybdenum, silver and gold exploration program at the Constancia Project; and for general working capital.
Norsemont is a mining company based in Vancouver, B.C.
| Issuer: | Norsemont Mining Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$12,000,800
|
| Units: | 3,000,200
|
| Price: | C$4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$4.50
|
| Agent: | Non-brokered
|
| Pricing date: | June 12
|
| Settlement date: | July 10
|
| Stock symbol: | Toronto: NOM
|
| Stock price: | C$4.01 at close June 12
|
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