NOM:CC - NORSEMONT Announces Closing of Convertible Debenture Offering

(TheNewswire)

Vancouver, B.C. - TheNewswire - April 20 th , 2022 – Norsemont Mining Inc. (CSE:NOM ) , ( OTC:NRRSF ) , ( FWB:LXZ1) ( “ Norsemont ” or the “ Company ”) announce that it has closed a non­brokeredprivate placement financing (the “ Debenture Financing ”) of unsecured convertible debentures(each, a “ Debenture ”)pursuant to which the Company issued Debentures in the aggregateprincipal amount of $950,000.

The terms of the Debentures include:

• a maturity date of one year from the date of issuance(the Maturity Date ”) and the principal amount of the Debenture, together withany accrued and unpaid interest, will be payable on the Maturity Date,unless earlier converted in accordance with its terms;

• the Principal Amount will accrue interest from theClosing Date at the rate of 6% per annum (the Interest ”), whichInterest will be payable quarterly in arrears.

• the principal amount of a Debenture, together with allaccrued and unpaid interest thereon, is convertible into units of theCompany at the option of the holder (each, a Debenture Unit ”) ata conversion price of $1.00 per Debenture Unit, with each DebentureUnit comprised of one common share of the Company (each, a“ Debenture Share ”) and one-half transferable share purchase warrant (each,a “ DebentureWarrant ”), with each Debenture Warrantexercisable into one additional Debenture Share (each, a“ Debenture WarrantShare ”) at an exerciseprice of $1.25 per Debenture Warrant Share for aperiod of three (3) years from the date of conversion.

The proceeds of the Debenture Financing are expected to be used forgeneral working capital .

The Debenture Financing is being raised from certain existingshareholders and current directors, executive officers, businessassociates and employees, some of whom are insiders of the Company.Any participation by insiders in the DebentureFinancing would constitute a "related partytransaction" as defined under Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(" MI 61-101 "). However, the Company expects that the Debenture Financing will be exempt fromthe formal valuation and minority shareholder approval requirements ofMI 61-101 as neither the fair market value of the Shares subscribedfor by the insiders, nor the consideration for the Shares paid by suchinsiders, will exceed 25% of the Company's market capitalization.

None of the securities issued in connection with the DebentureFinancing or the debenture conversion will be registered under theUnited States Securities Act of 1933, as amended (the “ 1933 Act ”), and none of them maybe offered or sold in the United States absent registration or anapplicable exemption from the registration requirements of the 1933Act. This news release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale of thesecurities in any state where such offer, solicitation, or sale wouldbe unlawful.

About Norsemont Mining Inc.

Norsemont comprises experienced natural resourceprofessionals focused on growing shareholder value and developing itsflagship project through to bankable feasibility. Norsemont Miningowns a 100-per-cent interest in the Choquelimpie gold-silver projectin northern Chile, a previously permitted gold and silver mine.Choquelimpie has over 1,710 drill holes, with significant existinginfrastructure, including roads, power, water, camp and a 3,000 TPDmill.

On behalf of the Board of Directors,

NORSEMONT MINING INC.

Marc Levy

CEO & Chairman

For more information, please contact the Company at:
Telephone:        (604) 669-9788; Facsimile: (604)669-9768

Investor Relations:

Paul Searle (778) 240-7724 ( psearle@citygatecap.com )

Forward-Looking Information

This release includes certainstatements that are deemed "forward-looking statements". Allstatements in this release, other than statements of historical facts,that address events or developments that Norsemont expects to occur,are forward-looking statements. Forward-looking statements arestatements that are not historical facts and are generally, but notalways, identified by the words "expects","plans", "anticipates", "believes","intends", "estimates", "projects","potential" and similar expressions, or that events orconditions "will", "would", "may","could" or "should" occur. Although the Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors thatcould cause the actual results to differ materially from those inforward-looking statements include changes to commodity prices, mineand metallurgical recovery, operating and capital costs, foreignexchange rates, ability to obtain required permits on a timely basis,exploitation and exploration successes, continued availability ofcapital and financing, and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those projected in the forward-lookingstatements. Forward-looking statements are based on the beliefs,estimates and opinions of the Company's management on the date thestatements are made. Except as required by applicable securities laws,the Company undertakes no obligation to update these forward-lookingstatements in the event that management's beliefs, estimates oropinions, or other factors, should change.

Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.

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