Sentient III acquires securities of Norsemont Mining Inc.



    
           NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
               AND NOT FOR DISSEMINATION IN THE UNITED STATES
    

    MONTREAL, June 29 /CNW Telbec/ - Sentient Executive GP III Limited
("Sentient III") announces that, in connection with a rights offering
announced by Norsemont Mining Inc. ("Norsemont") on May 26, 2009, it has
acquired control over 6,250,000 units ("Units") of Norsemont. Each Unit is
comprised of one common share ("Common Share") of Norsemont and one-half of a
common share purchase warrant ("June 2009 Warrant") of Norsemont. Each whole
June 2009 Warrant entitles the holder thereof to acquire a Common Share at a
price of $1.90 per share. The June 2009 Warrants are exercisable until June
26, 2011. As such, Sentient III acquired control over 6,250,000 Common Shares
and 3,125,000 June 2009 Warrants.
    Sentient III has control or direction over 7,375,000 Common Shares
(representing approximately 10.53% of the outstanding Common Shares), the
right to acquire 6,569,853 Common Shares through common share purchase
warrants (including the June 2009 Warrants) (the "Sentient III Warrants"), a
$6,000,000 principal amount convertible note (the "December 2008 Note") issued
by Norsemont, and a $3,800,000 principal amount convertible note (the "March
2009 Note") issued by Norsemont. The December 2008 Note matures on December
19, 2011 and the principal amount thereof as well as accrued interest are
convertible into fully paid and non-assessable Common Shares at a conversion
price of $1.70 per share. The March 2009 Note matures on March 31, 2012 and
the principal amount thereof is convertible into fully paid and non-assessable
Common Shares at a conversion price of $1.70 per share. The accrued interest
on the March 2009 Note is convertible, at the holder's option, into fully paid
and non-assessable Common Shares at a conversion price equal to the market
price of the Common Shares at the time of conversion, less a discount.
    In the event all of the Sentient III Warrants are fully exercised and
assuming the conversion in full of the maximum principal amount of and
interest on the December 2008 Note and the conversion in full of the principal
amount of the March 2009 Note, Sentient III would acquire control over a
maximum of 20,556,618 Common Shares (including the 7,375,000 Common Shares
over which Sentient III has control or direction). These combined holdings
would represent approximately 24.71% of the outstanding Common Shares,
calculated on a partially diluted basis assuming the full exercise of the
Sentient III Warrants and the full conversion of the maximum principal amount
of and interest on the December 2008 Note and the conversion in full of the
principal amount of the March 2009 Note only.
    Under relevant securities laws, Sentient Executive GP I Limited
("Sentient I") and Sentient (Aust) Pty Limited ("Sentient Pty"), related
entities of Sentient III, may be considered as acting jointly or in concert
with Sentient III.
    Sentient III, Sentient I and Sentient Pty have control or direction over
13,125,000 Common Shares in the aggregate (representing approximately 18.74%
of the outstanding Common Shares), in the aggregate 7,694,852 Sentient III
Warrants, Sentient I Warrants and Sentient Pty Warrants, the December 2008
Note, and the March 2009 Note. In the event all of the Sentient III Warrants,
Sentient I Warrants and Sentient Pty Warrants are fully exercised and assuming
the conversion in full of the maximum principal amount of and interest on the
December 2008 Note and the conversion in full of the principal amount of the
March 2009 Note, these combined holdings would represent approximately 32.53%
of the outstanding Common Shares, calculated on a partially diluted basis
assuming the full exercise of the Sentient III Warrants, Sentient I Warrants
and Sentient Pty Warrants and the full conversion of the maximum principal
amount of and interest on the December 2008 Note and the conversion in full of
the principal amount of the March 2009 Note only.
    Sentient III acquired the 6,250,000 Units for investment purposes only
and not with a view to materially affecting control of Norsemont. Sentient III
and its joint actors have no present intention of acquiring beneficial
ownership or control over additional securities of Norsemont.




For further information:

For further information: Sue Bjuro, (345) 946-0933

Organization Profile

Sentient Executive GP III Limited

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890