Norsemont Announces Closing of 3rd Tranche of Private Placement Led by Crescat Capital and Equity Management Associates

Core Viewpoint - Norsemont Mining Inc. has successfully closed the second tranche of a non-brokered private placement, raising CAD $1,191,500.40, with total proceeds from the offering reaching CAD $5,479,199.40, aimed at advancing the Choquelimpie Gold-Silver-Copper project in Northern Chile [1][3][4] Financing Details - The second tranche consisted of 1,985,834 units priced at CAD $0.60 per unit, each unit comprising one common share and one-half of one warrant [1] - Each warrant allows the holder to purchase one common share at CAD $0.75 for two years from the closing date [1] - The offering is subject to a hold period of four months and one day for Canadian investors, with additional restrictions for U.S. investors [2] Use of Proceeds - Proceeds from the offering will fund phase 3 drill programs, including deep drilling into copper porphyry zones and high-grade gold zones, as well as general working capital [3] Project Potential - The Choquelimpie project is described as a massive mineralizing system with significant exploration potential, having previously been a permitted gold and silver mine [5][11] - The project has an initial mineral resource estimate of 2,184,000 indicated gold equivalent ounces and 557,000 inferred gold equivalent ounces [11] - The existing infrastructure includes over 1,700 drill holes, roads, power, water, camp, and a 3,000-tonne-per-day mill, which supports further development [11] Strategic Support - Crescat Capital's involvement and the backing from notable investors like Larry Lepard and Rob McEwen are seen as strong endorsements for the project's potential [4][6] - The management team is focused on responsible and sustainable resource development, leveraging modern exploration techniques to enhance shareholder value [11]