Norsemont Closes Financing for a Total of $15MM with Increased Support from Crescat and Strategic Investors

Core Viewpoint - Norsemont Mining Inc. has successfully closed the second and final tranche of its non-brokered private placement, raising a total of US$10,929,000 through the issuance of convertible debentures and warrants, which will be utilized for working capital and the advancement of the Choquelimpie project [1][3][4]. Financing Details - The second tranche involved the issuance of US$3,400,000 in convertible debentures and 2,726,800 warrants, contributing to the overall gross proceeds of US$10,929,000 [2]. - Each convertible debenture unit consists of a US$1,000 principal amount convertible debenture and 802 transferable common share purchase warrants, with a conversion price of C$0.86 per share and a warrant exercise price of C$1.00 per share [4]. Project Development - The proceeds from the offering are earmarked for general working capital, mineral exploration, and the development of the Choquelimpie gold-silver-copper project, which has significant existing infrastructure and a substantial mineral resource estimate [3][10]. - The Choquelimpie project has an indicated mineral resource of 1,731,000 gold ounces and 33,233,000 silver ounces, along with an inferred resource of 446,000 gold ounces and 7,219,000 silver ounces [10]. Shareholder Support - The CEO of Norsemont Mining expressed gratitude for Crescat's increased ownership and the support from other strategic shareholders, indicating a positive outlook for collaboration in advancing the Choquelimpie project [3]. Securities Information - All securities issued in connection with the offering are subject to a restricted period of four months and one day from the closing date [6].