Proceeds to be used to advance exploration and development of the
Constancia Copper/Molybdenum/Silver Project
Shares Issued and Outstanding: 29,812,878
VANCOUVER, June 28 /CNW/ - Norsemont Mining Inc. ("the Company")
(TSX: NOM) today announced that it has arranged a non-brokered private
placement of 5.625 million units. The units were placed at a price of C$1.60
each, for gross proceeds of C$9 million. Each unit consists of one common
share and one-half of one common-share purchase warrant. Each whole
common-share purchase warrant entitles the holder to acquire one additional
common share of the company at an exercise price of $1.95 within 24 months of
closing. Closing is expected on or before July 20, 2007. The placement is
subject to regulatory approval.
The Sentient Group, currently the largest shareholder in the Company, has
agreed to purchase $2 million of the $9 million placement.
The proceeds from the private placement will be used primarily to
accelerate exploration and development of the Constancia Project and for
general working capital purposes.
The securities sold have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or
sold within the United States or to, or for the account or benefit of U.S.
persons absent U.S. registration or an applicable exemption from U.S.
registration requirements. This release does not constitute an offer for sale
of securities in the United States.
About Norsemont Mining
Norsemont Mining is a Canadian exploration company exploring the
Constancia Cu-Au-Mo deposit in Peru, which has been optioned from Rio Tinto
For further information:
For further information: Dennis Nenadic, Investor Relations, Norsemont
Mining, Phone: (604) 669-9788 X 103, Fax: (604) 669-9768, E-Mail:
email@example.com, Web Site: www.norsemont.com