/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR
DISSEMINATION IN THE UNITED STATES/
MONTREAL, July 15 /CNW Telbec/ - Sentient Executive GP III Limited
("Sentient III") announces that it has acquired control over 500,000 units
(the "Units") of Norsemont Mining Inc. ("Norsemont") in connection with a
private placement of 3,000,200 Units by Norsemont (the "Offering"). Each Unit
consists of one common share in the capital of Norsemont (a "Share") and
one-half of a share purchase warrant, each whole warrant (the "Warrant")
entitling Sentient III to acquire an additional Share at a price of $4.50 per
Share for a twenty-four month period following closing of the Offering.
Sentient III has control or direction over 500,000 Shares representing
approximately 0.93% of the outstanding Shares, and 250,000 Warrants. In the
event all of the Warrants are fully exercised, these holdings would represent
approximately 1.39% of the outstanding Shares, calculated on a partially
diluted basis assuming the exercise of Warrants issued to Sentient III 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
6,250,000 Shares, representing approximately 11.68% of the outstanding Shares,
and in the aggregate 1,374,999 Warrants, Sentient I Warrants and Sentient Pty
Warrants. In the event all of the Warrants, Sentient I Warrants and Sentient
Pty Warrants are fully exercised, these holdings would represent approximately
13.89% of the outstanding Shares, calculated on a partially diluted basis
assuming the exercise of the Warrants, Sentient I Warrants and Sentient Pty
Sentient III acquired the 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 Units or Shares of Norsemont.
For further information:
For further information: Sue Bjuro, (345) 946-0933